Management and Organizational Studies 2275A/B Lecture Notes - Lecture 7: Sole Proprietorship, Apparent Authority, Limited Partnership

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2275A/B
• Professor: Philip King

Document Summary

March 3/15: sole proprietorship, no legal distinction between owner and the business, partnership, limited liability partnership, limited partnership, corporation, people who own the corporation and the corporation itself are legally separate, corporation is a legal person. Actual authority the authority and agent actually has. Apparent authority what the agent appears to have: limit to this is what a reasonable person (as a 3rd party) would think they have the authority to do. No apparent authority if principal is unknown to you. I act for a principal who wishes to remain anonymous, i tell you i am authorized to million when i am actually authorized for million, but when i show my principal he doesn"t want it. 3rd party can sure for damages on the tort of misrepresentation (breach of warranty of authority) Fiduciary: good faith, honesty, no competition, best interest, no secrets.