LAWS 2202 Lecture Notes - Lecture 11: Fiduciary, Breach (Security Exploit)
22 Apr 2016
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Fiduciary relationships: a relationship in which one individual has a legal duty to act solely in another parties interests. There are three conditions that must be present for a fiduciary relationship to exist: The fiduciary has scope for the exercise of some discretion or power; The fiduciary can unilaterally exercise that power or discretion so as to affect the beneficiary"s legal or practical interests; and. The beneficiary is peculiarly vulnerable to or at the mercy of the fiduciary holding the discretion or power. Fiduciary concept the law requires transparency and predictability but also flexibility. A fiduciary concept dependent on only the facts is too uncertain however too much certainty results in excessive rigidity and inflexibility leaving just claims outside without a remedy. Canaaero v. o"malley 1974 scc 1: facts principles of plaintiff secretly set up separate corporation and competed with employer by taking a corporate opportunity for their new corporation.
