Question

Duties that the principal and agent owe each other are _______ by law

Answer 1

Duties that the principal and agent owe each other are fiduciary duties by law.

The agent owes the most important duties in categories: the fiduciary duty and a hard and fast of popular duties imposed via corporation law. however, these standard obligations aren't precise to organization law; they may be obligations owed via any employee to the agency.

As a fiduciary, the agent owes the primary responsibility of loyalty, which usually calls for the agent to behave totally for the gain of the principal (and not for the advantage of the agent or 1/3 parties) in topics connected with the organization.

As in keeping with section 219, an agent has a proper to get hold of the agreed remuneration or in absence of agreement, a reasonable remuneration for rendering the services to the most important that are not voluntary or gratuitous. He turns into eligible to receive the remuneration as quickly as he completes the work that he undertook.

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