MCS 3040 Chapter Notes - Chapter 16: Syncrude, Environmental Protection, Fiduciary

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 3040
• Professor: Raddocchia

Document Summary

Chapter 16 the corporate form: operaional maters. A corporaion is a legal person in the eyes of the law. Ideniicaion theory a theory specifying that a corporaion is liable when the person commiing the wrong is the corporaion"s direcing mind: establishes when a corporaion has primary liability in court. A corporaion can have vicarious liability when a wrong or breach of conduct occurs as a result of the conduct of an employee. Agency law generally determines when a corporaion is liable on a contract. Outsiders can now generally rely on the apparent authority of agents the corporaion would be liable on the contract. The corporaion enters into a contract through the acions of the corporaion"s agents, employees, or directors who have actual or apparent authority. To avoid liability, contracts should be signed clearly indicaing that the person signing is doing so on the behalf of the corporaion and is not signing in a personal capacity.