FIN 331 Chapter Notes - Chapter 30: Respondeat Superior, Independent Contractor, Fiduciary
28 Apr 2016
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Chapter 30 liability of principals, agents, and independent. Agent"s duty of loyalty - fiduciary duty owed by an agent, not to act adversely to the interests of the principal. Common types of breaches of loyalty - self dealing. Tortious conduct - principal is liable for tortious conduct of agent acting within scope of authority. Agent"s tortious conduct - agent is liable for tortious conduct of principal only if agent directly or indirectly, aids and abets the principal"s conduct. Sources of tort liability negligence, intentional torts, misrepresentation. Liability for negligence is based on - respondeat superior. Respondeat superious - employer is liable for the tortious conduct of its employees or agents while they"re acting within the scope of the employer"s authority. Vicarious liability - principal is liable for an agent"s tortious conduct because of the employment contract between the principal and the agent.
