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RELATIONSHIP BETWEEN PRINCIPAL and AGENT

RELATIONSHIP BETWEEN PRINCIPAL & AGENT
DUTIES OF THE AGENT
AN AGENT IS A FIDUCIARY & OWES A DUTY
OF TRUST, GOOD FAITH, & CANDOR TO THE PRINCIPAL
1. DUTY OF CARE
Reasonable care, diligence, and skill in his work.
2. DUTY OF GOOD CONDUCT
Conduct himself as to keep the principal free from discredit or disrepute.
3. DUTY TO GIVE INFORMATION
Keep principal informed of all facts so principal can protect its interest.
4. DUTY TO KEEP & RENDER ACCOUNTS
Must account for all money and property coming into agents possession.
5. DUTY TO ACT ONLY AS AUTHORIZED
Agent must act only in accord with the lawful instructions and authority given her by the principal.
6. DUTY NOT TO ATTEMPT THE IMPOSSIBLE OR IMPRACTABLE
Not subject to risk or expense.
7. DUTY TO OBEY
Agent must obey the lawful instructions and authority given her by the principal.
8. DUTY OF LOYALTY
LOYAL & FAITHFUL
a. Secret profits or advantages.
PUNITIVE
b. Personal interest.
c. Competing
d. Conflict of interest.
e. Commingling
9. DUTY TO CEASE AFTER TERMINATION
DUTIES OF THE PRINCIPAL
1. DUTY TO PERFORM THE CONTRACT MADE
2. DUTY NOT TO INTERFERE WITH AGENTS WORK
3. DUTY TO GIVE THE AGENT INFORMATION
4. DUTY TO KEEP & RENDER ACCOUNTS
5. DUTY OF GOOD CONDUCT
6. DUTY TO INDEMNIFY
7. DUTY TO COMPENSATE
8. DUTY NOT TO TERMINATE
6
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