Fiduciary Duties Between Principal and Agent Flashcards
1
Q
What duties are owed by an A to the P?
A
Care, Loyalty, and Obedience
2
Q
What is the duty of care owed by A to P?
A
Must act with reasonable care and skill
3
Q
Duty of loyalty?
A
A must act loyally for the P’s sole benefit
A cannot place their own interests above interests of P
4
Q
Duty of obedience?
A
The duty to act obediently within the principal’s control (i.e., to act within the agent’s actual authority and to follow the principal’s instructions).
