Blaw 3310 test 3 schwemer - Study guides, Class notes & Summaries

Actual vs Apparent Authority - Actual Authority - Given by the principal to the agent; can be express or implied; oral or written. Apparent Authority - When a third party reasonably assumes one is acting as an agent to another. Agency by Operation of Law - Sometimes, an agent is unable to reach the principal and has to make a rational decision quickly. This would be legally acceptable. An example would be an agent who is forced to buy $500 worth of plywood to cover a principal's home durin...

BLAW 3310 Test 3 Schwemer

CHAPTER 12 LLC and Personal Liability - correct answer No member or manager is personally liable for all debts. Piercing the corporate veil - correct answer A situation in which courts put aside limited liability and hold shareholders or directors personally liable for a corporation's actions or debts. Forming a partnership - correct answer Either an oral or written agreement must be made between partners. Written is the most formal and may include terms such as finances, management, ...

BLAW 3310 Test 3 Schwemer

BLAW 3310 Test 3 Schwemer Study Guide with Complete Solutions LLC and Personal Liability - Answer️️ -No member or manager is personally liable for all debts. Piercing the corporate veil - Answer️️ -A situation in which courts put aside limited liability and hold shareholders or directors personally liable for a corporation's actions or debts. Forming a partnership - Answer️️ -Either an oral or written agreement must be made between partners. Written is the most formal and ma...

BLAW 3310 - Exam 3 Review Test Bank, Complete solution guide : Latest Guide; University of Texas, Actor: Lee C. Schwemer, J.D. Time: TTh, 2:00 – 3:20 p.m. Classroom: 142 Business Building Instructor’s Office: 413 Business Building Office Hours: TTh, 11:00 a.m. – 12:30 p.m. Telephone: (817) 272-3832 E-mail: I. CATALOG DESCRIPTION: BLAW 3310 LEGAL AND ETHICAL ENVIRONMENT OF BUSINESS (3-0) The basic structure and processes of the legal system are reviewed followed by coverage of k...