AGENCY & PARTNERSHIP
Final Examination Grading Key, Fall 2004
QUESTION I
100 points
I-A: Partnership
| Two or more general partners |
4 points _______ |
| Each must have proprietary interest |
4 points _______ |
| To combine efforts or resources |
4 points _______ |
| |
|
| Sharing of profits and losses |
4 points _______ |
| Equal unless otherwise agreed |
4 points _______ |
| Participation in management |
4 points _______ |
| |
|
| Partnership agreement need not be in writing |
4 points _______ |
| Unlimited liability |
4 points _______ |
| Further excellent discussion |
4 points _______ |
I-B: Limited partnership
| At least one general, one limited partner |
4 points _______ |
| Liability limited |
4 points _______ |
| Except for contribution |
4 points _______ |
| One general partner's only is okay |
4 points _______ |
| |
|
| Assumed name is fine |
4 points _______ |
| If commendam, firm name must so state |
4 points _______ |
| Articles must be in writing |
4 points _______ |
| And filed with secretary of state |
4 points _______ |
I-B: Limited liability partnership
| Add-on feature |
4 points _______ |
| To general or limited partnership |
4 points _______ |
| Limits tort liability only |
4 points _______ |
| Must be renewed annually |
4 points _______ |
I-B: Limited liability company
| May or may not have centralized management |
4 points _______ |
| May or may not have continuity |
4 points _______ |
| Liability limited as to all members |
4 points _______ |
| Minimum of one member |
4 points _______ |
QUESTION II
198 points
II-A: List the ways in which an agency terminates.
| When revoked by the principal |
6 points _______ |
| When the agent resigns or renounces the power |
6 points _______ |
| Upon death of the principal or the agent |
6 points _______ |
| |
|
| Upon bankruptcy of principal or of agent |
6 points _______ |
| Upon interdiction of the agent |
6 points _______ |
| Upon interdiction and appointment of curator for principal |
6 points _______ |
| |
|
| Upon occurrence of resolutory condition
specified in the power |
6 points _______ |
| When purpose of the power becomes impossible |
6 points _______ |
| When purpose of the power is accomplished |
6 points _______ |
II-B: List those activities that will subject a limited partner to unlimited liability.
| May not manage or conduct business with third parties |
6 points _______ |
| Name may not appear in firm name |
6 points _______ |
| Unless also the name of general partner |
6 points _______ |
| Or of a predecessor firm |
6 points _______ |
II-C: List those activities that a limited partner may do without losing limited status.
| May serve as non-managerial employee |
6 points _______ |
| Commendam partner may consult and advise |
6 points _______ |
| Commendam partner may be surety |
6 points _______ |
| |
|
| May vote on admission or expulsion |
6 points _______ |
| May vote on continuation or termination |
6 points _______ |
| Each other item on which may vote |
6 points _______ |
II-D: Name the three "wicked sisters" that employers' liability statutes and workers' compensation statutes were intended to eliminate.
| The fellow-servant doctrine |
6 points _______ |
| Assumption of the risk |
6 points _______ |
| Contributory negligence |
6 points _______ |
II-E: In workers' compensation, what is a "statutory employer"?
| Employees of contractor |
6 points _______ |
| Engaged to perform work that is a part of the
principal's trade |
6 points _______ |
II-F: List as many factors as you can that a court will take into consideration in determining whether a person is an "employee" or independent contractor. Put the single most important factor first on your
list.
| Extent of control master may exercise over
details of work |
12 points _______ |
| Whether the one employed is engaged in distinct occupation or business |
6 points _______ |
| Whether the employer or workman supplies tools |
6 points _______ |
| Length of time for which the person is employed |
6 points _______ |
| |
|
| The skill required in the particular occupation |
6 points _______ |
| Whether the work is a part of the regular business of the employer |
6 points _______ |
| The method of payment, whether by the job or by the hour |
6 points _______ |
| Whether the principal is or is not in business |
6 points _______ |
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