Condensed Agency Attack Outline

I. Agency Fundamentals

• Agency: A consensual fiduciary relationship where an agent agrees to act for and under the direction or control of a principal.
• Limited Liability Company (LLC): Requires at least one person (can have many). Investors are members. Members are generally not liable for LLC debts but can manage the LLC. Agency authority depends on manager vs. member management.
• Partnership Formation: An association of two or more persons carrying on as co-owners of a business for profit.

II. Agency and Torts

A. Vicarious Liability (Respondeat Superior)

• Principle: Employer/Principal is vicariously liable for torts of an employee (servant) committed within the scope of employment.

• Two Types of Agents:

• Servant (Employee): Em