These traditional common-law fiduciary duties that an agent owes their principal are:
Accounting: The duty to keep accurate records of all transactions and finances related to the principal's affairs.
Care: The duty to act with the skill, care, and diligence that a reasonable person would use under similar circumstances.
Confidentiality: The duty to keep all information confidential that the principal designates as such, or that is naturally confidential, and not to disclose it without proper authorization.
Obedience: The duty to follow all lawful instructions given by the principal in the agency agreement.
Loyalty: The duty to act solely in the best interests of the principal and to avoid conflicts of interest.
Disclosure: The duty to disclose all relevant information to the principal that could affect their decision-making process.
These duties are fundamental to the agency relationship and help ensure that the agent acts in the best interests of their principal at all times.
