Agency Flashcards
Fiduciary responsibilities (COLDAC)
Care - reasonable degree of care
Obedience - act in good faith at al times, obeying the principles lawful instruction in accordance with the contract
Loyalty - place principles interest above those of all others
Disclosure - keep principle informed of all facts potentially affecting the transaction
Accounting - ability to report status of all funds received from or on behalf of the principle
Confidentiality - may not disclose principles personal information
Termination of agency
Completion/performance
Death or incapacitation of either party
Destruction or condemnation of property
Expiration of terms of agancy
Mutual agreement
Breach by one party
Operation of law as in bankruptcy of principle
(Principle can revoke agency unidirectionally but may still owe fees)
