AFM231 Study Guide - Final Guide: Uberrima Fides, Fiduciary, Bailment

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Published on 17 Apr 2013
School
University of Waterloo
Department
Accounting & Financial Management
Course
AFM231
Professor
Important Concepts Second Half of Term
I make the same initial comments as I did before the midterm: what follows is not a complete list
of what you might learn from your readings or from the power points. It is an attempt however to
give you a short list of the highlights.
1. Other torts:
Make sure you remind yourself about what torts are and what they achieve
Ensure you know the definitions of the torts we highlighted in class. Go back to the text
to clarify what the definitions mean has to be proven.
There are torts in the chapter we didn’t discuss in class. While they are important, for
now focus on those which are included in the slides.
2. Insurance
If you go back to the slides you will see that we focused on principles rather than listing
examples of insurance.
Make sure you know how insurance works so concepts like utmost good faith,
insurable interest, indemnity and subrogation.
Also how and when in practice you might need insurance and for what risk. You don’t
need to memorise a list but you do need to understand when and how insurance is useful
and important for a business.
3. Agency
Ensure you understand the big picture of what agency is and how it compares with
employment.
Make sure you understand the relationships between agent and principal, that they are
fiduciary and you know what that means how that translates to the actual duties.
How is the agency relationship created? Remember we focused on express agreement and
estoppel. Make sure you know how these arise and work.
What is power of attorney and when/how is it used?
How does the agency relationship come to an end.
4. Employment Law
Here again, we studied employment law from the perspective of the ‘big picture’ and
didn’t get bogged down in all the details.
Learn basic terminology e.g. difference from labour law, contrasting employee with
independent contractor.
When you hire what are the restrictions, things you are entitled to ask etc and why
including concepts such as bona fide occupational requirement, and duty to
accommodate.
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Document Summary

I make the same initial comments as i did before the midterm: what follows is not a complete list of what you might learn from your readings or from the power points. It is an attempt however to give you a short list of the highlights: other torts: Make sure you remind yourself about what torts are and what they achieve. Ensure you know the definitions of the torts we highlighted in class. Go back to the text to clarify what the definitions mean has to be proven. There are torts in the chapter we didn"t discuss in class. While they are important, for now focus on those which are included in the slides: insurance. If you go back to the slides you will see that we focused on principles rather than listing examples of insurance. Make sure you know how insurance works so concepts like utmost good faith, insurable interest, indemnity and subrogation.

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