Fiduciary Duties

Question 1

Three duties that all agents owe to principals

Answer 1

1. Duty to exercise reasonable care
2. Duty to obey reasonable instructions
3. Duty of loyalty

Question 2

What does the duty of loyalty include?

Answer 2

1. The agent cannot usurp business opportunities
2. The agent cannot take in secret profits
3. The agent cannot compete in competing business with the principal