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LAW 332: Week 2 Notes on Fiduciary Law

by: Samantha Colona

LAW 332: Week 2 Notes on Fiduciary Law Law 335

Marketplace > Missouri State University > Business Law > Law 335 > LAW 332 Week 2 Notes on Fiduciary Law
Samantha Colona
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About this Document

These are notes on our week 2 assigned reading on fiduciary duties of an agent to a principle.
Business Enterprises, Rights/Liabilities
Carol J. Miller
Class Notes
business, Law, fiduciary, agency, principle, Enterprise




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This 3 page Class Notes was uploaded by Samantha Colona on Wednesday August 31, 2016. The Class Notes belongs to Law 335 at Missouri State University taught by Carol J. Miller in Fall 2016. Since its upload, it has received 67 views. For similar materials see Business Enterprises, Rights/Liabilities in Business Law at Missouri State University.


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Date Created: 08/31/16
Chapter 35: Agency Relationship Duties of Agent to Principal  An agent has a fiduciary duty to act loyally for the principals benefit in all matters connected to the agency relationship  Remedies for breach of her fiduciary duty include termination of the agency and recovery of damages from the agent Agent’s Duty of Loyalty  Agency is a relationship of trust and confidence therefore an agent has a duty of loyalty by: o 1. Avoiding conflicts of interest with principle o 2. Not disclosing confidential information received from the principle Conflict of Interest  Agent may not acquire a material benefit from a third party in connection with an agency transaction  An agent may not deal with himself without principles consent o Example: an agent authorized to sell property may not sel to himself.  Agent may not compete with principle regarding the agency business and not assist the principles competitors  An authorized agent may not act on behalf of the other party unless the principle consents  May not act as an agent for both parties, unless obtaining consent from both principles Confidentiality  Can’t communicate confidential information of the principal for the agents own purpose or that of a third party  Confidential information is entrusted to the agent  May not disclose information even after the agency ends Agents Duty to Obey Instructions  Agent has the duty to act within her actual authority and obey reasonable instructions for carrying out the agency business o Exceptions: Agents need not be ordered to continue to act as an agent. Also do not need to obey orders to behave illegally or unethically. o When instructions are unclear the agent has the duty to clarify Agents Duty to Act with Care and Skill  A paid agent must act with care, competence, and diligence Agent’s Duty to Provide Information  Agent must use reasonable effort to provide the principle with facts the agents knows or has reason to know especially in matters important to the agency business o However, there is no duty to notify when agent owes a superior duty Agent’s Duty of Segregation, Record Keeping, and Accounting  Agents cannot deal with the principles property so that it appears to be the agents  Agent cannot mingle principles and agents properties with hers or anyone else’s, and keep accounts of the principles money and other property.  Must keep accurate records and all account transactions and disclose them to the principles Duty Not to Receive a Material Benefit  Should not profit or receive any other benefit from acting on behalf of the principle, other than compensation from the principle  Principle controls benefits Duty of Good Conduct  The Restatement (Third) also includes a general duty that agents act reasonably and refrain from conduct that is likely to damage the principles enterprise. o Example: exposing company computer system to virus or making offensive statements to customers  Agents suffer no monetary damages from breach of duty but can still be fired.


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