Co v Rainbow Oilf.docx
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Co v Rainbow Oilf.docx
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CovRainbowOilf
AGENCY
ExistanceofAgencyRelationship
01-MorrisOilCovRainbowOilfieldTrucking,Inc–UndisclosedprincipalisliablenotwithstandinganagreementbetweenP&AthatnoP/Arelationshipexisted.WherePcontractswithA,RetainscompletecontroloverA’sactions,can’tavoidliabilityw/regardtoa3rdpartybycontractualtermsbetweenP&A.Key:
Hewhocontrolsanotherisprincipal;hewhoiscontrolledbyanotherisagentoftheother.
Agentsdutyofloyalty/dutyofcare
02-Tarnowskiv.Resop–Theagenthasadutyofloyaltytotheprincipal,andtheprincipalcanrecoveranyunauthorizedprofitsmadebytheagentonthetransaction.[RestatementofAgency§407
(2)]Itmakesnodifferencethattheprincipalrescindsthetransactionandgetshismoneyback,oreventhathemakesaprofit.
Wheretheagentviolatesthedutyofloyalty,theprincipalisentitledtoreceivethevalueofwhatheputintothetransactionplusanydamagescausedasaresultofthetransaction.[RestatementofAgency§407
(1)]
(PtellsAtoinvestigatebusinessoppty.Agetsboughtoff,doesn’tbotherresearching,andgivesPbadadvice.Psuesafordamagesandfortheamountareceivefrom3rdpartyTheagenthasadutyofloyaltytotheprincipal,andtheprincipalcanrecoveranyunauthorizedprofitsmadebytheagentonthetransaction.[RestatementofAgency§407
(2)]
03-ReadingvAttorneyGeneral–Agentmaynotusehisagencypositionforpersonalprofit.Ifaservanttakesadvantageofhispositionforhisownprofit,hemustaccountforthatprofitw/hisprincipal.(Πtookadvantageofhispositioninthemilitaryandofhisuniformforthepurposeofmakingaprofitforhimself.)InClassDiscussion:
Fiduciaryrelationshipkey.Principal(P)isentitledtoallproceedsfromtheactionsofhisagent(A),properandimproper.AcannotuseownwrongdoingasdefensetoP’sclaim.Alosesallprofitsfromhisunauthorized/illegalacts.
PARTNERSHIP
04-RichertvHandly(57)–whereptnrsdonotagreeotherwise,UPAcontrols.
Wherethepartnersdonotspecificallyagreeonhowlossesaretobeshared,thentheprovisionsoftheUniformPartnershipActcontrol.[SeeUPA§§18(a),(f)]Grossproceedslessexpenses--ptnrsbearthelossequally.
06-BanevFerguson–partnerdutytootherpartnersceaseswhenpartnershipterminates
Business-judgmentruleshieldeddefendantfirmmanagersfortheirallegednegligenceinmergingwithanotherlawfirm,causinglossofП’sretirmentaccount.Held:
defendantsceasedtooweplaintiffafiduciarydutywhenheceasedtobeapartner,andnotortclaimexistedagainstdefendantswheretherewasnoallegationofbadfaith.
MgmtofPartnership
07-NationalBiscuitCovStroud--–Allpartnershaveequalrightsinmgmt(evenifsharingofprofitsisunequal.)UPA§18(c).Theactsofapartnerwithinthescopeofthepartnershipbusinessbindallpartners.Amajorityofpartnerscanmakeadecisionandinformcreditorsandwillthereafternotbeboundbyactsofminoritypartnersincontraventionofthemajoritydecision.Butheretherecouldbenomajoritydecision,astheyareequalcopartners.HadΔdissolvedthepartnershipandgivenΠnoticepriortotheorderbyFreeman,thenΔwouldnothavebeenpersonallyliableforthepartnershipdebttoΠ.
AdmissionsandRepresentations
08-SmithvDixon--–Thepartnershipischargedwiththeadmissionsandrepresentationsofapartnerconcerningpartnershipaffairs,whentheyaremadeinthescopeofheractual,implied,orapparentauthority.UPA§11.Apartnerhastheauthoritytomakeaconveyanceofpartnershiplandwherethisisdoneintheordinarycourseofpartnershipbusiness.[UPA§9
(1)]Where,however,suchtransactionsarenotintheordinarycourseofbusiness,therealpropertyrepresentscriticalassetsofthepartnership,andapartnercannotconveysuchlandunlesshehasbeengivenspecialauthoritytobindthepartnership.Ifapartnerdoesexceedhisauthorityinconveyingland,thepartnershipcanusuallyrecoverthepropertyfromthegranteeunlessthegranteeisabonafidepurchaserwhohadpaidthepurchasepricewithoutknowledgeofthelackofauthority.[UPA§10
(1)]
FraudulentActs
09-RousevPollard--Imputednotice.Inordertoholdcopartnersforthefraudulentactsofoneofthepartners,theactsinconnectionwithwhichthefraudiscommittedmusthavebeenwithinthegeneralscopeofthepartnershipbusiness.Knowledgeornoticetoonepartnerofmatterspertainingtoregularpartnershipbusinessisimputedtothepartnership(UPA§12)exceptwherethepartnerisactingfraudulentlyoradverselytopartnership.
10-RoachvMead--Partnersarejointlyandseverallyliableforthetortiousactsofotherpartnersiftheyhaveauthorizedthoseactsorifthewrongfulactsarecommittedintheordinarycourseofthebusinessofthepartnership.[UPA§§13,15]
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