Identify 5 duties of an agent to his or her principal
1. Loyalty: An agent has a duty to always act in the best interests of their principal and avoid any conflicts of interest. They should prioritize the principal's needs and goals above their own.
2. Obedience: An agent is obligated to follow the instructions and directions given by the principal, as long as they are legal and within the scope of the agency agreement. They should act in accordance with the principal's wishes and make decisions based on their principal's preferences.
3. Reasonable skill and care: An agent must exercise a reasonable level of expertise, skill, and care in carrying out their duties. They should possess the necessary knowledge and experience to successfully fulfill their role and avoid any negligence or incompetence.
4. Confidentiality: Agents have a duty to maintain the confidentiality of any information they acquire about the principal, including business strategies, trade secrets, and other sensitive information. They should not disclose or use this information for their own benefit or to the detriment of the principal.
5. Accounting: An agent needs to accurately account for any funds or assets entrusted to them by the principal. They must keep detailed records of all financial transactions and provide regular reports to the principal, demonstrating transparency and accuracy in managing the principal's resources.