BBG E231 Lecture Notes - Lecture 23: Secret Profit, Fiduciary
Document Summary
V) duty not deals on his own account. He must not himself buy from or sell to his principal goods he is asked to sell or buy on behalf of his principal without obtaining the consent of his principal after disclosing all material facts to him. Vii) duty not to make any profit out of his agency except his remuneration. An agent stands in a fiduciary relation to his principal and therefore he must not make any profit (secret profit) out of his agency. Viii) duty on termination of agency by principal"s death or insanity the agent must do all he can to all reasonable step for the protection and preservation of the interests entrusted to him. ix) duty not delegate authority. An agent cannot delegate his powers or duties to other persons except in the following circumstances: A) where the principal has expressly permitted delegation of such power.
