LAWS 2202 Lecture Notes - Lecture 9: Chief Executive Officer, Fiduciary, Litton Industries

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11 Dec 2016
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Fi duc i a r y ob lig a t i on s. Equity as expressed by a variety of legal considerations (unjust enrichment, breach of fiduciary obligation, inequality of bargaining power) Focused on avoiding outcomes described in terms of unconscionability, inequitability, and fraudulence. Intertwined with the notion of a reliance, induced by action or inaction, either expressly supported or acquiesced to (cid:862)if e(cid:395)uit(cid:455) p(cid:396)ote(cid:272)ts the plai(cid:374)tiff(cid:859)s (cid:396)elia(cid:374)(cid:272)e, it (cid:449)ill (cid:271)e, by that very fact, against conscience for the defe(cid:374)da(cid:374)t to defeat it(cid:863) Elia(cid:374)(cid:272)e also p(cid:396)ote(cid:272)ted i(cid:374) this (cid:272)o(cid:374)te(cid:454)t (cid:271)(cid:455) the au(cid:454)ilia(cid:396)(cid:455) do(cid:272)t(cid:396)i(cid:374)es of (cid:862)estopple(cid:863), (cid:449)he(cid:396)e(cid:271)(cid:455), i(cid:374) (cid:448)a(cid:396)ious (cid:272)o(cid:374)te(cid:454)ts, pe(cid:396)so(cid:374)s a(cid:396)e (cid:862)estopped(cid:863) (cid:894)(cid:271)a(cid:396)(cid:396)ed(cid:895) f(cid:396)o(cid:373) (cid:271)e(cid:374)efiti(cid:374)g f(cid:396)o(cid:373) the failu(cid:396)e to keep a promise upon which another person has reasonably relied. The courts equity jurisdiction can neither be understood in terms of purely contract nor purely tort. Equity seeks both to enforce, or render binding, agreements between persons (like contract law), and to redress harms done by action or inaction (like tort)

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