Duties agent owes to principal Flashcards
1
Q
3 duties
A
1) duty of loyalty
2) duty of care
3) duty to obey instructions that are reasonable
2
Q
Duty of loyalty: agent may never do any of the following 3 things:
A
self-dealing: agent can’t receive a benefit to the DETRIMENT of the principal
usurping the principal’s opportunity
secret profits: making a profit at PRINCIPAL’S EXPENSE w/o disclosure