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