LREB 315 Lecture Notes - Lecture 22: Executive Officer, Estoppel
25 Nov 2018
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Fiduciary: used as a noun, refers to a person having a duty created by his or her undertaking to act primarily for another"s benefit in matters connected with the undertaking. Agency relationships commonly exist between employers and employees. Agencies also exist between employers and independent contractors who are hired to perform special tasks or services. Employment laws (state and federal) apply only to the employer-employee relationship. Broker, normally is an agent of the person obtaining a service and not of the service company. Can neither disclose nor use for her own benefit any confidential information. Is not allowed to compete with his principal within the scope of the agency business. May not act for two principles whose interests conflict. May not become a party to a transaction without the principal"s permission. May not engage in inappropriate behavior that reflects badly on the principle. Principal"s remedies when the agent breaches a duty:
