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The fiduciary responsibilities of an agent to the principal under the common law of agency include Disclosure of material facts that the agents knows.
Agency permits the agent to act on the principal's behalf as though the principle were there and acting alone. The activities of the agent establish legal duties for the principal in an agency relationship. As a result, the agent is required to make business decisions that are consistent with how the principle would act.
The agent must be hired by the principal, and the agent must agree to represent the principle. When an agent accepts an agency arrangement, he or she commits to uphold certain fiduciary obligations. This implies that the agent must typically operate in the best interests of the principle while adhering to a number of specific commitments to the principal.
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