The end of a fiduciary relationship does not necessarily free the agent from all of their duties to the principal. The agent should still account for all the funds, assets, and documents related to the transaction. Also, the agent should keep private information acquired during the brokerage agr...
The two parties have entered into a contract. A court might decide the fate of the fiduciary if they're sued for failing to exercise their duties under that contract. The plaintiff can recover damages, including punitive damages, which are intended as punishment for an act taken or not taken...
no conflict of interest must be present when a person accepts this kind of duty. Trust-based relationships and honesty are key elements in this type of relationships. In business, fiduciary duties are present in many forms. One example is an attorney that has a fiduciary duty when acting on...
aFirst, shareholder fiduciary duties would not, as it is now, be triggered by a particular shareholder’s ability to direct corporate decisionmaking in the abstract, but rather by that shareholder’s ability to influence the outcome of a particular corporate decision in which it has a personal ...
Since the legal attorney knows the structure, team, future plans, and strategies the client is seeking to pursue, he could be paid off and leak the information to a competitor. This is not only a violation of trust, it’s also a violation of the fiduciary duties the lawyer agreed to ...
A fiduciary duty is the responsibility of a person (called a fiduciary) to act, behave, and do things in the interest of the general public or the people concerned with loyalty, care, and confidentiality.Answer and Explanation: The remedies available are: 1. Accounting: An equitab...
The majority of self-styled "joint ventures" are, invariably, nothing more in legal terms than contracts. Ifparties are going to be bound by fiduciary duties, over and above the contractual duties they owe each other, this will only be so by virtue of the particular arrangement they have ...
What are the potential legal consequences for breaches of fiduciary duties?Breaches of fiduciary duty are serious matters with potentially serious legal consequences. If a fiduciary breaches their duty, the victim can file a lawsuit and potentially receive compensatory damages as a remedy. Compensatory ...
Fiduciary duties may be required of a stockholder in certain circumstances when they possess a majority interest in a corporation or exercise control over its activities. A breach of fiduciary duty may result in personal legal liability for the controlling shareholder as well as for directors and of...
The Revlon rule set a significant legal precedent. It shifted the board of directors’ duty from looking after the health and preservation of the corporation to increasing the short-term financial gains of shareholders. This narrower interpretation of fiduciary duties, referred to as Revlon duties, ...