Duties Flashcards
What are the duties of the agent?
Duty of loyalty; duty of reasonable care; duty of obedience; duty of notification and accounting.
What is the duty of loyalty?
The agent must work only for the principles benefit. Agent cannot compete, usurp the principles business opportunities, or take secret profits.
What is the duty of reasonable care?
The agent must perform tasks with a reasonable diligence and skill.
What is the duty of obedience?
The agent has the duty to obey reasonable instructions.
What is the duty of notification and accounting?
The agent has the duty to keep the principal informed an account for funds.
What are the duties of the principal?
Duty to compensate; duty to deal fairly and in good faith; duty to cooperate; duty to indemnify.
What is the duty to compensate?
The principal must compensate the agent pursuant to the express or implied agreement.
What is the duty to cooperate?
The principal has the duty to not interfere with the agents work.
What is the duty to indemnify?
The principal must indemnify the agent and reimburse for losses, if not resulting from the agents wrongful conduct.
What remedies does an agent have for breach of duty by the principal?
The agent can pursue a breach of contract action or an action for compensation.
What remedies does a principal have for a breach of duty?
The principal can pursue a breach of contract action, rescission, injunctive relief, tort damages, restitution, accounting, recovery of secret profits, or forfeiture of compensation.
