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31 Cards in this Set
- Front
- Back
Independent contractor |
Performs a specific service described in a contract. Works for him or herself. Follows basic contract law |
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Employee |
Commits to an employer in an ongoing relationship and is subject to more control from the special rules governing employment |
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Dependent contractor |
Operates a separate business but more like an employee. Has an ongoing relationship with employer |
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Agent |
Someone who represents another person in dealing with 3rd parties |
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Expressed authority |
When principal directly grants authority to agent (usually by contract) |
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Implied authority |
Inferred from surrounding circumstances and conduct of parties |
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Apparent authority |
If principle does something to lead 3rd party to think agent has authority, then 3rd party can rely on representation |
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Ratification |
Where agent exceeds both actual and apparent authority, principal is not bound by contract. (With restrictions) |
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Vicarious liability |
When one person is held responsible for the torts committed by another. Both principal and agent may be held responsible. Acting within scope of employment |
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Fiduciary duty |
Agent has obligation to act in best interest of the principle. “Utmost good faith relationship” |
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Termination |
Has to have “just cause” or a reasonable notice to the employee. |
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Wrongful dismissal |
Dispute over adequate pay or amount of notice time from termination |
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Collective bargaining |
Legislation allows workers the right to unionize and bargain collectively. |
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Job action |
Strike or lockout. Only permitted during interest dispute |
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Sole proprietorship |
An individual carrying on business alone. Has complete control but unlimited liability. |
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Partnership |
Two or more people carrying on business together for purpose of making profit. Parties share costs, management and profits. |
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Corporation |
Separate legal person, artificially created by statute. Has rights separate and apart from shareholders, directors and officers. |
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Shareholders |
Members of corporation, but owe no duty to it. Right to vote at meetings and elect directors. Majority shareholder has ultimate control |
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Shares |
Different classes: Common and preferred |
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Directors |
Elected by shareholders, has duty to the corporation itself. Exercise care, diligence. |
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Officers |
Management team of corporation, appointed by directors. |
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Real property |
Land or anything permanently affixes to land |
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Personal property |
Property that relates to your rights to something. Tangible, movable items. (Chattels or goods) Intangible property (negotiable instruments) |
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Fee simple estates |
Right to land, same rights as ownership today. Lasts for life. |
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Leasehold estate |
Exclusive use and possession of land for a specified time. May be periodic |
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Easement |
Gives another permanent right to use land. (Right if way) to cross property |
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License |
Contractual right to use land, but gives no interest in land. |
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Profit a prendre |
Right to remove material from land (trees) |
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Joint tenancy |
Joint ownership of whole property. If one dies the other gets his or her portion |
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Tenancy in common |
Each party has undivided interest, no right of survivorship. Each may sell or lease their portion. |
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Condominiums |
Ownership of the unit plus common elements. Usually rules regarding use of the property. It’s a corporation (have rights to vote on council of property) |