1. Duties that arise from the agreement itself. 2. Duties because of a fiduciary nature of relationship
1 of 12
What are the duties that arise from the agreement itself?
A must obey P's instruction s, A must not delegate sub-agency unless authorised, A must exercise reasonable care/skill, A owes a duty of care in tort to P
2 of 12
What is a fiduciary duty?
A relationship based on trust and confidence
3 of 12
What are the duties of a fiduciary nature of relationship?
A owes a duty of undivided loyalty to P, unless consent to a lower standard. P is entitled to entire benefit of A's acts in the course of agency
4 of 12
What is an important case within a duty due to a fiduciary nature?
Bristol and West Building Society v Mothew 1998: Millet LJ explained the duties of a fiduciary to its principle
5 of 12
What are the requirements of duties laid out by Millet LJ in Bristol and West Building Society v Motthew?
1. Must act in good faith. 2. Must not make a profit out of its trust. 3. Must not place itself in position where duty and interests conflict. 4. May not act for its own benefit/benefit of a T without informed consent by P.
6 of 12
What is a case example of a duty to avoid conflict of interest:
Aberdeen Railway v Blaikie 1854: exception if P consents
7 of 12
What is a case example of a duty not to profit from agency?
Regal v Gulliver 1967: exception if P consents
8 of 12
What is a case example of a duty not to accept bribes?
FHR European v Cedar Capital 2014
9 of 12
What is a duty to account, and a case example?
A has to keep administration/records/be prepared for P to inspect and receive copies. Gray v Haig 1855
10 of 12
What are the principal's remedies?
Main remedy is damages, but for breach of fiduciary duty: equitable remedies/compensation (FHR European Ventures v Cedar Capital)
11 of 12
What are the duties of the principal to the agent?
Act in good faith, supply documentation, relevant information supplied, duty to maintain communication and respect of individual transactions.
12 of 12
Other cards in this set
Card 2
Front
What are the duties that arise from the agreement itself?
Back
A must obey P's instruction s, A must not delegate sub-agency unless authorised, A must exercise reasonable care/skill, A owes a duty of care in tort to P
Card 3
Front
What is a fiduciary duty?
Back
Card 4
Front
What are the duties of a fiduciary nature of relationship?
Back
Card 5
Front
What is an important case within a duty due to a fiduciary nature?
Comments
No comments have yet been made