LEGL-215 Lecture Notes - Lecture 6: Vicarious Liability, Uberrima Fides, Propylthiouracil
9 Nov 2017
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Agents: represent and act for a principal in dealings with third parties, agency is the service an agent provides, principal vicariously liable for agent"s acts. Delegation: cannot delegate responsibility without consent, primary agent still has responsibility to see that the terms of agency agreement are fulfilled. Accounting: must account for and turn over funds, keep adequate records. Full disclosure and consent: agent cannot profit at principals expense. Principal"s duties: principal must honor terms of contract, pay reasonable amount for services, reimburse reasonable work expenses. Limited partnerships must have a written limited partnership agreement as a pre-condition to registration. Upon satisfactory registration at a government registry (cores) the. Limited partner"s liability is limited to what they have contributed. The limited liability is conditional on the partner not taking on any management duties: if such a role is taken, their liability becomes that of a gp.
