Obligations (Law); Loyalty

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This essay argues that fiduciary obligation is a distinctive type of obligation. Its central rationale, nurturing and enforcing commitments to act loyally toward the interests of others, furnishes limits on the reach of fiduciary obligations. Attempts to characterize fiduciary obligation as solely a type of contractual obligation or as a concept best rationalized by the law of torts are unpersuasive, as are attempts to capture fiduciary obligation within definitions of altruistic behaviour. The author elaborates these arguments using examples drawn from partnership and corporate law.

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