Business + Company Law at Universität Augsburg

Flashcards and summaries for Business + Company Law at the Universität Augsburg

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Study with flashcards and summaries for the course Business + Company Law at the Universität Augsburg

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Implied Agency

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How to create a corporation 

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Corporate Opportunity Doctrine (COD)
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How to recognize an entity ? 

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Person/Company is acted for 

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Express Agency

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Person acting (Agency) 

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Agency by estoppel 

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Power of attorney 

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Independent contractors

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Factor Test ( Employee OR i.c. ?)
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Agency 

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Exemplary flashcards for Business + Company Law at the Universität Augsburg on StudySmarter:

Business + Company Law

Implied Agency
The authority (Agency) derived from the principal as a result of the principals conduct BUT without an express agreement

Business + Company Law

How to create a corporation 
1. Preparing the Articles of Incorporation 
2. Signing Articles by at least 1 Incorporator 
3. Filling the Articles with Secretary of State, in the state in which you wish to incorporate 

Business + Company Law

Corporate Opportunity Doctrine (COD)
If a director gets an opportunity, he can exploit it himself UNLESS it’s a corporation opportunity THEN he must offer it first to the corporation 

Business + Company Law

How to recognize an entity ? 
- Can own property
- can owe debts
- can enter contracts
- can sue + be sued 
- can „speak“

Business + Company Law

Person/Company is acted for 
- Principal
- Person for whom the agents acts + from whom the agent derived authority 

Business + Company Law

Express Agency
An agency created by an expressed agreement OR contract

Business + Company Law

Person acting (Agency) 

- Agent 
- The person authorized to act for another

Business + Company Law

Agency by estoppel 
Judicially created agency relationship, WHEN a 3rd party reasonably believed, based on the words + actions of the principal, THAT an agency relationship existed

Business + Company Law

Power of attorney 
A legal document that grants an agent the authority to do either general or specific tasks 

Business + Company Law

Independent contractors
Hired to achieve a purpose/ to do a job OR undertake a contractually defined result 

Business + Company Law

Factor Test ( Employee OR i.c. ?)
1. Degree of Skill
2. Level of supervision
3. Who supplies tools, materials + the place of performance 
4. Is the work part of the hirers normal business 
5. Method of calculating pay 
6. Permanency + exclusively of work       relationship 
7. Parties intent 

Business + Company Law

Agency 
A legal relationship where 1 person acts for another

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