QST LA 245 Chapter Notes - Chapter 15: Fiduciary, Appropriate Behavior, W. M. Keck Observatory
23 Jul 2018
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In an agency relationship, someone (the agent) agrees to perform a task for, and under the. \march 28th, 2011 control of, someone else (the principal). To create an agency relationship, there must be: Who mutually consent that the agent will act on behalf of the principal and. To establish consent, the principal must ask the agent to do something, and the agent must agree. Principals are liable for the acts of their agents because they exercise control over their agents. If principals direct their agents to commit and act, it seems fair to hold the principal liable when that act causes harm. The beneficiary places special confidence in the fiduciary who, in turn, is obligated to act in good faith and candor, putting his own needs second. The purpose of a fiduciary relationship is for one person to benefit another: agents have a fiduciary duty to their principals. Elements not required for an agency relationship.
