Identify ten fiduciary duties imposed on an agent when acting primarily on behalf of a principal
Fiduciary duties imposed on an agent when acting primarily on behalf of a principal
- Care and skill: The agent must exhibit a degree of care and skill appropriate to the circumstance
- Account: The agent is bound to explain to the principal the application of money or goods that come into his hands during the relationship. The account must be complete and honest.
- Bonafide: As a fiduciary, an agent is bound to act in good faith for the benefit of the. principal. His actions must be guided by the principle of utmost fairness.
- Secrecy/confidentiality: The agent must not disclose his dealings with the principal to 3rd parties without the principal’s consent.
- Disclosure: The agent is bound to disclose any personal interests in contracts made on behalf of the principal. He must disclose any secret profit made, failing which he is bound to account the same to principal.