BLAW 2301 Lecture Notes - Lecture 28: Fiduciary, Product Sample, Appropriate Behavior
Document Summary
Fiduciary relationship: agents have a fiduciary duty to their principals, all three elements consent, control, and a fiduciary duty are necessary to create an agency relationship. Elements not required for an agency relationship: a written agreement. Agency agreement does not have to be in writing. Exception: the equal dignities rule if an agent is empowered to enter into a contract that must be in writing, then the agency relationship have to be in writing: a formal agreement, no need for compensation. Agents puts their needs and duties 2nd to the principals. Duty: the agent must act solely for the benefit of the principal in all matter connected with the agency, outside benefits. An agent must not receive profits unless the principal knows and approves. Market street employees can"t receive tips from regular customers because principal does not allow. Sample copies to polze so that they would buy textbook.
