Duties of instrument to confidential information The gene owes the principal duties in cardinal categories: the fiducial duty and a set of general duties tie up by agency fairness. Fiduciary duty: Agency kin is more than than a haveual one, and the agents responsibilities go beyond the border of the weigh. Agency imposes a higher duty than besides if to abide by the contract terms. It imposes a fiducial duty. The faithfulness 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 superfluous 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 quieten him of it. The duty contains several aspects: Duty to avoid self-dealing A fid uciary whitethorn not lawfully improvement from a negate 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 through and through a social club in which he or his family has a monetary interest.
The penalization 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 result commonly need to reveal a number of secrets to his agenthow a lot he i s willing to sell or pay for property, merc! handise strategies, and the like. Such information could easily 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 suffer the interests of the principal, information confidentially given or acquired. This prohibition extends to information...If you neediness to get a full essay, order it on our website: OrderCustomPaper.com
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