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Management 260 Week 13 Notes

by: Eunji Cho

Management 260 Week 13 Notes Management 260

Eunji Cho
GPA 3.8

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Hey guys, This is my notes for the 13th week of Professor Malkovich's Management 260 class. We're still going over contracts and the concept of agent/principal relationship. Hope you enjoy! ...
Introduction to Law
Michael Malkovich
Class Notes
Management, Law, contracts, UMass, amherst
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This 4 page Class Notes was uploaded by Eunji Cho on Monday April 25, 2016. The Class Notes belongs to Management 260 at University of Massachusetts taught by Michael Malkovich in Spring 2016. Since its upload, it has received 8 views. For similar materials see Introduction to Law in Business, management at University of Massachusetts.

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Date Created: 04/25/16
UMass Amherst Management 260 Professor Malkovich Week 13 Notes: Apr 18 – 22 By Eunji Cho April 19, 2016 Legal Remedy for Breach of Contract • Compensatory damages o Costs incurred: if you bought paint to do a paint job but the contractor breached the contract, the costs of the paint will be remedied o Subjected to reduction by mitigation of damages • Expectation damages o Anticipation of profit o Lost benefit of bargain • Nominal damages o “Token damages”: when you proved that you won, but you didn't win anything o If you are bringing your claim under some statutory provision that gives you recovery of attorney’s fees, and shows unfair and deceptive practices, that can be the way you get your remedy § Almost only case nominal damages will be beneficial money-wise • Liquidated damages o Damages that the parties designate during forming the contract for the injured party to collect as compensation of a specific breach Equitable Remedy for Contract • Reformation of Contract • Unjust Enrichment • Collateral Estoppel • Specific Performance Defense for Breach of Contract • Duty to Mitigate o Defense that the breaching party can raise when sued o If you are the suing party, you have to demonstrate that you’ve done reasonable search to find any mitigation towards your loss “Clean Hands Doctrine” • The court will not protect someone who did something in bad faith or consciously chose the actions that are likely to result in the consequences • In order to get equitable relief, you need to show that you have ‘clean hands’ Assignment of Contract • Subtenant – Tenant – Landlord o The agreement tenant had with landlord is binding even when the subtenant is occupying the apartment o Whether the tenant is released and the subtenant is given the lease is entirely up to the landlord April 21, 2016 Final Exam: Available online on Tuesday May 2 nd Principal/Agent (Master/Servant) • Employer/Employee • Owner/Sales Agent • General Rule o Principal is responsible for the acts of an Agent performed in the scope of their duties (employment) • Principal is vicariously liable for the agent’s actions o “Respondent superior” • Principal has obligations to make sure the agent doesn’t do something outrageous in order to protect him/herself What is the scope of employment? • “Frolic” o Agent’s action that is outside the scope of the employment o The principal is not responsible for frolic • Ratification o When the principal is aware of the agent’s outrageous actions and doesn’t do anything about it, the principal is ratifying and bringing the agent’s actions into the scope of the employment o If the principal doesn’t do anything, you as an agent have the right to assume that your actions were proper Duties of Principal • Use reasonable care in selecting agent o Background checks before employing workers o Negligence analysis gets applied to these situations (principal may have been negligent when employing the workers, by ignoring prior convictions, etc.) • Instruct agent • Monitor agent • Control agent o If an agent is doing something inappropriate, the principal has to control the agent to tell him/her to stop violating the policies • Cooperate with agent • Compensate agent (if applicable) Duties of Agent • Use reasonable care in carrying out duties • Follow instructions of principal o Don't perform any frolic that may hold you accountable for your actions • Duty of loyalty to principal • Duty to disclose potential conflicts • Account to principal • Fiduciary duty o Towards the clients to act honestly and in a forthright manner Agent’s Authority defined by… • Actual authority o Specific instructions given to the agent by the principal • Implied authority o What is implied for agents to have according to follow the instructions given by the principal • Ratification o Doing things way/far beyond their authority if they have the right to assume that the principal knows about the actions and doesn’t have a problem with it. o If the third party knows about such actions, they also have the right to assume that the agent has the authority to do these actions Elements of an Independent Contractor: hired when you want to avoid liability/don’t personally want to do the job (as apposed to an agent) • Specialized skills or knowledge • Agent supplies own tools and equipment • Work without close supervision • Nature of work • Manner of compensation


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