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RIGOS BAR REVIEW SERIES UNIFORM MULTISTATE ESSAY EXAM (MEE) REVIEW CHAPTER 1 BUSINESS ASSOCIATIONS AGENCY Magic

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INTRODUCTION: BUSINESS ENTITES GENERALLY A. Business Using an Assumed Name Must Be Registered 1. Assumed Names 2. Requirements NAB a. Names b. Addresses c. Business Activity B. Registration Status 1. Refusal and Revocation 2. Cancellation 3. Amendments Within 60 Days a. Changes in Identity, Names, or Addresses b. Changes in Location CREATION OF AGENCY A. Express Authority 1. General or Special Agency 2. Statute of Frauds a. Land or Related b. Over One Year c. At Will Contract d. Sales Representative 3. Factor 4. Del Credere Agent 5. Express Authority Limitations B. Implied or Inherent Authority 1. Business Manager

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2. Salesperson 3. Delivery Person 4. Purchase Agent Apparent or Ostensible Authority 1. Implied Authority Lacking 2. Exam Facts Estoppel Ratification 1. Representation Necessary 2. Express or Implied 3. In Existence at Contract Date Necessity Miscellaneous 1. Capacity a. Infant Agent b. Infant Principal c. Nondisclosure of Principals Incapacity 2. Business Entities

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LIABILITY TO THIRD PARTIES A. Contract Liability 1. Liability of the Principal 2. Liability of the Agent a. When an Agent is not Liable b. When an Agent is Liable 3. Undisclosed, Partially Disclosed, and Disclosed Principals a. Liability of Agent and Undisclosed or Partially Disclosed Principal b. Enforcement Power of an Undisclosed or Partially Disclosed Principal B. Tort Liability 1. Liability of the Principal a. Employment Nexus b. Independent Contractors (1) Characteristics (2) Non-Delegable Activities c. Negligence Selection or Appointment 2. Liability of the Agent C. Criminal Liability AGENTS DUTIES A. Fiduciary Duties 1. Basic Standard HOLT

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2. Full Disclosure 3. Conflict of Interest 4. Delegation of Duties B. Standard of Care 1. Obey Instructions 2. Inform Principal 3. Gratuitous Agent C. Exceeding Express Authority D. Shop Rights V. PRINCIPALS DUTIES A. Reimbursement and Indemnification 1. Reimburse Business Expenses 2. Indemnify for Liability B. Safe Work Place C. Compensation D. Assumption of Risk Abolished E. Fellow Servant Rule TERMINATION A. Voluntary 1. Completion, Agreement, or Breach 2. Revocation or Renunciation 3. At-Will Employee B. Involuntary ISIS 1. Incapacity or Death of Principal 2. Source of Agency Supply Destroyed 3. Illegality of Agency Agreement 4. Subject Matter of Agency Destroyed C. Agency Coupled with an Interest D. Notice to Creditors or Customers 1. Actual Notice to Past Customers 2. Constructive Notice to Third Parties

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