BUS 205 Lecture Notes - Lecture 45: Fiduciary
Document Summary
Is the sale of a mobile home covered by: *the mobile home would be a good if it was still at the dealership. *but if it is permanently fixed to a slab of concrete, it is not a good. This is true because: the merchant exception rule. The uniform commercial code is not federal legislation. It was created by people and then adopted by states one by one. A relationship in which the agent agrees to perform a task for, and under the control of, the principal. Person who has someone else acting on him. Who mutually consent that the agent will act on behalf of the principal. Principal must ask the agent to do something. Principals are liable for the acts of their agents. Trustee acts for the benefit of the beneficiary. Agents have a fiduciary duty to their principals. Elements not required for an agency relationship include:
