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Words: | Submitted: Mon Jun 19 2006
... and a void in the law has been left, giving rise to calls for a need to establish a unifying test or doctrine. However, though both judges and commentators recognise the need for reform and are critical of the current structure, few have formulated a suitable alternative. Thus it must be questioned whether the quest for an applicable classification of a fiduciary relationships is really necessary, and whether any formulation should be left to the courts and that formulation should focus on the content of fiduciary duty in particular situations rather than a general doctrine? Fiduciary relationships have been described as the children of the forced marriage of agency law and trust law, infusing both common law and equitable principles.3 They arise in a multiplicity of situations; for example many of the most common occur between director and company,4 principal and agent,5 solicitor and client,6 partner and co-partner,7 to name but ...
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