Use Quimbee’s Business Associations Outline to ace your final exam in business associations. Professionally written and fully accessible 24/7 on desktop, tablet, and mobile devices, Quimbee’s Business Associations Outline covers the law of agency, partnerships, corporations, limited liability companies, and fiduciary obligations.
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In the United States, business associations, such as corporations and partnerships, are governed by the principles of agency. The concept of agency refers to the fiduciary relationship in which one party acts on behalf of and under the control of another, typically in dealing with third parties. This portion of the outline is based upon the Restatement (Third) of Agency, issued by the American Law Institute. However, it is important to note that not all states have adopted the Restatement (Third) of Agency in its entirety. [See Merriam-Webster’s Dictionary of Law (Kindle ed. 2011), agency]
An agency relationship arises when an agent and a principal manifest assent that the agent will act for the benefit and subject to the control of the principal. [See Restatement (Third) of Agency § 1.01 (2006)] Typically, the formation of an agency relationship does not require any particular formalities other the manifestation of assent or consent, which may be...