Duties Of Agent And Principle

Duties of doer to headland The actor owes the principal duties in deuce categories: the fiducial duty and a set of general duties bandage by agency fairness. Fiduciary duty: Agency race is more than than a haveual one, and the agents responsibilities go beyond the border of the beget. Agency imposes a higher duty than tho if to abide by the contract terms. It imposes a fiduciary duty. The law infiltrates the contract creating the agency relationship and reverses the general principle that the parties ar free to act in the absence of agreement. As a fiduciary of the principal, the agent stands in a position of spare trust. His responsibility is to subordinate his self-interest to that of his principal. The fiduciary responsibility is oblige by law. The absence of any clause in the contract detailing the agents fiduciary duty does non silence him of it. The duty contains several aspects: Duty to avoid self-dealing A fiduciary may not lawfully earnings from a appointment between his personal interest in a exertion and his principals interest in that same transaction. A broker hired as a purchasing agent, for instance, may not administer to his principal with a beau monde in which he or his family has a monetary interest.

The punishment for breach of fiduciary duty is loss of fee and profit and possible damages for breach of trust. Duty to bring through confidential information To further his objectives, a principal allow for commonly need to reveal a number of secrets to his agenthow a lot he is willing to sell or pay for property, merchandise strateg ies, and the like. Such information could ea! sily be turned to the outrage of the principal if the agent were to compete with the principal or were to sell the information to those who do. The law therefore prohibits an agent from using for his receive purposes or in ways that would breach the interests of the principal, information confidentially given or acquired. This prohibition extends to information...If you indigence to get a full essay, order it on our website: OrderCustomPaper.com

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