MGMT 200 Chapter Notes -Fiduciary, Protected Group, Law Of Agency
Document Summary
Mission to ensure safe and healthful workplaces in america: principal-agent, employer-ordinary employee, contracting employer-independent contractor. The principal is a special type of employer who hires an agent to act for the. Principal in negotiating and transacting business with customers. A person employed by a principle to deal with third parties and to make contracts binding the principal to the third parties. An agent is a fiduciary of the principle the person who empowers an agent to enter contract(s) on her behalf someone who has an obligation to act with scrupulous good faith and honesty toward another. The burden of the fiduciary obligation is upon the agent and operates to safeguard the principal. Contractual relationship: respondeat superior, supporting theories of respondeat superior, deep-pocket theory an employee is not an agent if she lacks authority to contract for or represent the employer to others.
