Identify How a Fiduciary Duty Arises,who Is It Owed To,and

question 61

Essay

Identify how a fiduciary duty arises,who is it owed to,and any requirements with regard to specifically state the duty.Provide a brief explanation of what the fiduciary duty is with regard to conflict of interest and how that obligation may be overcome.Provide an example of a conflict of interest situation.

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Definitions:

Individual's Intelligence

A measure of a person's cognitive capabilities, including the ability to learn, understand, and apply knowledge.

Executive Control Processes

The cognitive processes that regulate an individual's ability to organize thoughts, actions, and emotions to achieve goals.

Validity

The extent to which a concept, conclusion, or measurement is well-founded and likely corresponds accurately to the real world.

Tacit Knowledge

Knowledge gained from personal experience that is difficult to express verbally and to formally document.