Fiduciary duties

Question 1

Three duties agents owe to principals

Answer 1

1) duty to exercise reasonable care
2) duty to obey reasonable instructions
3) duty of loyalty

Question 2

Three standards of duty of loyalty?

Answer 2

1) agent cannot usurp business opportunity
2) agent cannot take in secret profits
3) agent cannot compete in competing business with principal

Question 3

How can agent cure usurping of business opportunity?

Answer 3

If he discloses conflict to principal

Question 4

Example of agent competing in business with principal?

Answer 4

Leaving principal and taking customer list with him