MGMT 3100 Final: LAW EXAM NOTES
21 Apr 2014
School
Department
Course
Professor
Document Summary
Involuntary: customer leaves coat behind in a restaurant: gratuitous bailment (non-contractual): bailment where benefit is only for one party. Meriut for value of services it has performed and for damages compensating it for loss of profits. Agency is relationship in which one person, agent, is authorized by another person for whom she acts, principal, to form contracts with third parties. Principal usually pays the agent (employment: dependent agent: an agent who acts exclusively or mostly, for a single principal, commission agent: sells on behalf of a principal to third parties and receives compensation thru commissions. Independent agent: an agent who carries on an independent business and acts for a number of principals. Anyone who has capacity to contract can appoint an agent to contract on behalf. Agent"s power to contract on behalf of principal is limited to capacity of principal (ex. minor cannot have an agent but can.
