GMGT 3300 Chapter Notes - Chapter 12: Fiduciary, Uberrima Fides

• School: University of Manitoba
• Department: General Management
• Course: GMGT 3300
• Professor: Ian A.Restall

Document Summary

Confidence requiring the utmost good faith. (e. g. a person goes to an accountant for advice. If the accountant uses this information, they breach their fiduciary duty. ) (e. g. A guy goes to a banker and give the banker information on a potential investment and asks for advice. The banker tells the guy it is a good investment without telling him that the bank deals with the potential investment company, and stands to earn a lot of money if lots of people invest in the company. If the guy then invests and he looses his money, he can sue b/c the banker breached his fiduciary duty. ) Contracts: different than tort law in nature contract law is enabling, whereas tort law just is. Contract law enables business to happen, and guarantees certain things. You need to have all 6 elements with one exception to number 3.