Question Description
A fiduciary relationship is where one person places some type of trust, confidence, and reliance on another person. The person who is delegated trust and confidence would then have a fiduciary duty to act for the benefit and interest of the other party. The party who owes a duty to act for the best interest of the other party is called the fiduciary. The party to whom the duty is owed is called principal.Fiduciary relationships are created in many legal assignments such as contracts, wills, trusts, elections, corporate settings, The main purpose for fiduciary relationships is to establish an honest and trusted relationship between two parties where one party can rely and be confident that the other person is working for their interest and are not using their power for their own interest or the interest of a third party.In order to determine the existence of fiduciary relationship, it could be said that whether one has reposed confidence in another, i.e. whether a confidential relationship exists, is the material test to determine the existence of fiduciary relationship.For instance, in a transaction with the trustee who is under an obligation to protect the interest of the beneficiary, for whose benefit the confidence has been reposed on him can be stated as a fiduciary relationship. The basic principle of the trust is that the trustee generally acts voluntarily and is not paid for his services, though he may claim remuneration if he can show a specific entitlement of it. A trustee cannot be a purchaser of trust property, as he cannot be both seller and purchaser.In a fiduciary relationship induced by profit a person, in whom a confidence is reposed, gains profits by availing himself of his position. Equity refuses such a person (fiduciary) to claim for himself the profit which has been obtained by him in pursuance of his undertaking or discharge of his own obligation.Q. In a partnership business, if one of the partners dies, then the remaining partners have a fiduciary relationship to ensure the interests of the deceased partner towards his representatives. Does this statement hold true with respect to the passage above?a)No, as the relationship exists only with the partner, which comes to an end with the death of the partner.b)No, as the existing partners do not have any contractual relationship with the representatives.c)Yes, as the partners have a fiduciary relationship among themselves, and the deceased partner’s interests need to be protected and passed on to his representatives.d)None of the above.Correct answer is option 'C'. Can you explain this answer? for CLAT 2024 is part of CLAT preparation. The Question and answers have been prepared according to the CLAT exam syllabus. Information about A fiduciary relationship is where one person places some type of trust, confidence, and reliance on another person. The person who is delegated trust and confidence would then have a fiduciary duty to act for the benefit and interest of the other party. The party who owes a duty to act for the best interest of the other party is called the fiduciary. The party to whom the duty is owed is called principal.Fiduciary relationships are created in many legal assignments such as contracts, wills, trusts, elections, corporate settings, The main purpose for fiduciary relationships is to establish an honest and trusted relationship between two parties where one party can rely and be confident that the other person is working for their interest and are not using their power for their own interest or the interest of a third party.In order to determine the existence of fiduciary relationship, it could be said that whether one has reposed confidence in another, i.e. whether a confidential relationship exists, is the material test to determine the existence of fiduciary relationship.For instance, in a transaction with the trustee who is under an obligation to protect the interest of the beneficiary, for whose benefit the confidence has been reposed on him can be stated as a fiduciary relationship. The basic principle of the trust is that the trustee generally acts voluntarily and is not paid for his services, though he may claim remuneration if he can show a specific entitlement of it. A trustee cannot be a purchaser of trust property, as he cannot be both seller and purchaser.In a fiduciary relationship induced by profit a person, in whom a confidence is reposed, gains profits by availing himself of his position. Equity refuses such a person (fiduciary) to claim for himself the profit which has been obtained by him in pursuance of his undertaking or discharge of his own obligation.Q. In a partnership business, if one of the partners dies, then the remaining partners have a fiduciary relationship to ensure the interests of the deceased partner towards his representatives. Does this statement hold true with respect to the passage above?a)No, as the relationship exists only with the partner, which comes to an end with the death of the partner.b)No, as the existing partners do not have any contractual relationship with the representatives.c)Yes, as the partners have a fiduciary relationship among themselves, and the deceased partner’s interests need to be protected and passed on to his representatives.d)None of the above.Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for CLAT 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A fiduciary relationship is where one person places some type of trust, confidence, and reliance on another person. The person who is delegated trust and confidence would then have a fiduciary duty to act for the benefit and interest of the other party. The party who owes a duty to act for the best interest of the other party is called the fiduciary. The party to whom the duty is owed is called principal.Fiduciary relationships are created in many legal assignments such as contracts, wills, trusts, elections, corporate settings, The main purpose for fiduciary relationships is to establish an honest and trusted relationship between two parties where one party can rely and be confident that the other person is working for their interest and are not using their power for their own interest or the interest of a third party.In order to determine the existence of fiduciary relationship, it could be said that whether one has reposed confidence in another, i.e. whether a confidential relationship exists, is the material test to determine the existence of fiduciary relationship.For instance, in a transaction with the trustee who is under an obligation to protect the interest of the beneficiary, for whose benefit the confidence has been reposed on him can be stated as a fiduciary relationship. The basic principle of the trust is that the trustee generally acts voluntarily and is not paid for his services, though he may claim remuneration if he can show a specific entitlement of it. A trustee cannot be a purchaser of trust property, as he cannot be both seller and purchaser.In a fiduciary relationship induced by profit a person, in whom a confidence is reposed, gains profits by availing himself of his position. Equity refuses such a person (fiduciary) to claim for himself the profit which has been obtained by him in pursuance of his undertaking or discharge of his own obligation.Q. In a partnership business, if one of the partners dies, then the remaining partners have a fiduciary relationship to ensure the interests of the deceased partner towards his representatives. Does this statement hold true with respect to the passage above?a)No, as the relationship exists only with the partner, which comes to an end with the death of the partner.b)No, as the existing partners do not have any contractual relationship with the representatives.c)Yes, as the partners have a fiduciary relationship among themselves, and the deceased partner’s interests need to be protected and passed on to his representatives.d)None of the above.Correct answer is option 'C'. Can you explain this answer?.

Solutions for A fiduciary relationship is where one person places some type of trust, confidence, and reliance on another person. The person who is delegated trust and confidence would then have a fiduciary duty to act for the benefit and interest of the other party. The party who owes a duty to act for the best interest of the other party is called the fiduciary. The party to whom the duty is owed is called principal.Fiduciary relationships are created in many legal assignments such as contracts, wills, trusts, elections, corporate settings, The main purpose for fiduciary relationships is to establish an honest and trusted relationship between two parties where one party can rely and be confident that the other person is working for their interest and are not using their power for their own interest or the interest of a third party.In order to determine the existence of fiduciary relationship, it could be said that whether one has reposed confidence in another, i.e. whether a confidential relationship exists, is the material test to determine the existence of fiduciary relationship.For instance, in a transaction with the trustee who is under an obligation to protect the interest of the beneficiary, for whose benefit the confidence has been reposed on him can be stated as a fiduciary relationship. The basic principle of the trust is that the trustee generally acts voluntarily and is not paid for his services, though he may claim remuneration if he can show a specific entitlement of it. A trustee cannot be a purchaser of trust property, as he cannot be both seller and purchaser.In a fiduciary relationship induced by profit a person, in whom a confidence is reposed, gains profits by availing himself of his position. Equity refuses such a person (fiduciary) to claim for himself the profit which has been obtained by him in pursuance of his undertaking or discharge of his own obligation.Q. In a partnership business, if one of the partners dies, then the remaining partners have a fiduciary relationship to ensure the interests of the deceased partner towards his representatives. Does this statement hold true with respect to the passage above?a)No, as the relationship exists only with the partner, which comes to an end with the death of the partner.b)No, as the existing partners do not have any contractual relationship with the representatives.c)Yes, as the partners have a fiduciary relationship among themselves, and the deceased partner’s interests need to be protected and passed on to his representatives.d)None of the above.Correct answer is option 'C'. Can you explain this answer? in English & in Hindi are available as part of our courses for CLAT. Download more important topics, notes, lectures and mock test series for CLAT Exam by signing up for free.

Here you can find the meaning of A fiduciary relationship is where one person places some type of trust, confidence, and reliance on another person. The person who is delegated trust and confidence would then have a fiduciary duty to act for the benefit and interest of the other party. The party who owes a duty to act for the best interest of the other party is called the fiduciary. The party to whom the duty is owed is called principal.Fiduciary relationships are created in many legal assignments such as contracts, wills, trusts, elections, corporate settings, The main purpose for fiduciary relationships is to establish an honest and trusted relationship between two parties where one party can rely and be confident that the other person is working for their interest and are not using their power for their own interest or the interest of a third party.In order to determine the existence of fiduciary relationship, it could be said that whether one has reposed confidence in another, i.e. whether a confidential relationship exists, is the material test to determine the existence of fiduciary relationship.For instance, in a transaction with the trustee who is under an obligation to protect the interest of the beneficiary, for whose benefit the confidence has been reposed on him can be stated as a fiduciary relationship. The basic principle of the trust is that the trustee generally acts voluntarily and is not paid for his services, though he may claim remuneration if he can show a specific entitlement of it. A trustee cannot be a purchaser of trust property, as he cannot be both seller and purchaser.In a fiduciary relationship induced by profit a person, in whom a confidence is reposed, gains profits by availing himself of his position. Equity refuses such a person (fiduciary) to claim for himself the profit which has been obtained by him in pursuance of his undertaking or discharge of his own obligation.Q. In a partnership business, if one of the partners dies, then the remaining partners have a fiduciary relationship to ensure the interests of the deceased partner towards his representatives. Does this statement hold true with respect to the passage above?a)No, as the relationship exists only with the partner, which comes to an end with the death of the partner.b)No, as the existing partners do not have any contractual relationship with the representatives.c)Yes, as the partners have a fiduciary relationship among themselves, and the deceased partner’s interests need to be protected and passed on to his representatives.d)None of the above.Correct answer is option 'C'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of A fiduciary relationship is where one person places some type of trust, confidence, and reliance on another person. The person who is delegated trust and confidence would then have a fiduciary duty to act for the benefit and interest of the other party. The party who owes a duty to act for the best interest of the other party is called the fiduciary. The party to whom the duty is owed is called principal.Fiduciary relationships are created in many legal assignments such as contracts, wills, trusts, elections, corporate settings, The main purpose for fiduciary relationships is to establish an honest and trusted relationship between two parties where one party can rely and be confident that the other person is working for their interest and are not using their power for their own interest or the interest of a third party.In order to determine the existence of fiduciary relationship, it could be said that whether one has reposed confidence in another, i.e. whether a confidential relationship exists, is the material test to determine the existence of fiduciary relationship.For instance, in a transaction with the trustee who is under an obligation to protect the interest of the beneficiary, for whose benefit the confidence has been reposed on him can be stated as a fiduciary relationship. The basic principle of the trust is that the trustee generally acts voluntarily and is not paid for his services, though he may claim remuneration if he can show a specific entitlement of it. A trustee cannot be a purchaser of trust property, as he cannot be both seller and purchaser.In a fiduciary relationship induced by profit a person, in whom a confidence is reposed, gains profits by availing himself of his position. Equity refuses such a person (fiduciary) to claim for himself the profit which has been obtained by him in pursuance of his undertaking or discharge of his own obligation.Q. In a partnership business, if one of the partners dies, then the remaining partners have a fiduciary relationship to ensure the interests of the deceased partner towards his representatives. Does this statement hold true with respect to the passage above?a)No, as the relationship exists only with the partner, which comes to an end with the death of the partner.b)No, as the existing partners do not have any contractual relationship with the representatives.c)Yes, as the partners have a fiduciary relationship among themselves, and the deceased partner’s interests need to be protected and passed on to his representatives.d)None of the above.Correct answer is option 'C'. Can you explain this answer?, a detailed solution for A fiduciary relationship is where one person places some type of trust, confidence, and reliance on another person. The person who is delegated trust and confidence would then have a fiduciary duty to act for the benefit and interest of the other party. The party who owes a duty to act for the best interest of the other party is called the fiduciary. The party to whom the duty is owed is called principal.Fiduciary relationships are created in many legal assignments such as contracts, wills, trusts, elections, corporate settings, The main purpose for fiduciary relationships is to establish an honest and trusted relationship between two parties where one party can rely and be confident that the other person is working for their interest and are not using their power for their own interest or the interest of a third party.In order to determine the existence of fiduciary relationship, it could be said that whether one has reposed confidence in another, i.e. whether a confidential relationship exists, is the material test to determine the existence of fiduciary relationship.For instance, in a transaction with the trustee who is under an obligation to protect the interest of the beneficiary, for whose benefit the confidence has been reposed on him can be stated as a fiduciary relationship. The basic principle of the trust is that the trustee generally acts voluntarily and is not paid for his services, though he may claim remuneration if he can show a specific entitlement of it. A trustee cannot be a purchaser of trust property, as he cannot be both seller and purchaser.In a fiduciary relationship induced by profit a person, in whom a confidence is reposed, gains profits by availing himself of his position. Equity refuses such a person (fiduciary) to claim for himself the profit which has been obtained by him in pursuance of his undertaking or discharge of his own obligation.Q. In a partnership business, if one of the partners dies, then the remaining partners have a fiduciary relationship to ensure the interests of the deceased partner towards his representatives. Does this statement hold true with respect to the passage above?a)No, as the relationship exists only with the partner, which comes to an end with the death of the partner.b)No, as the existing partners do not have any contractual relationship with the representatives.c)Yes, as the partners have a fiduciary relationship among themselves, and the deceased partner’s interests need to be protected and passed on to his representatives.d)None of the above.Correct answer is option 'C'. Can you explain this answer? has been provided alongside types of A fiduciary relationship is where one person places some type of trust, confidence, and reliance on another person. The person who is delegated trust and confidence would then have a fiduciary duty to act for the benefit and interest of the other party. The party who owes a duty to act for the best interest of the other party is called the fiduciary. The party to whom the duty is owed is called principal.Fiduciary relationships are created in many legal assignments such as contracts, wills, trusts, elections, corporate settings, The main purpose for fiduciary relationships is to establish an honest and trusted relationship between two parties where one party can rely and be confident that the other person is working for their interest and are not using their power for their own interest or the interest of a third party.In order to determine the existence of fiduciary relationship, it could be said that whether one has reposed confidence in another, i.e. whether a confidential relationship exists, is the material test to determine the existence of fiduciary relationship.For instance, in a transaction with the trustee who is under an obligation to protect the interest of the beneficiary, for whose benefit the confidence has been reposed on him can be stated as a fiduciary relationship. The basic principle of the trust is that the trustee generally acts voluntarily and is not paid for his services, though he may claim remuneration if he can show a specific entitlement of it. A trustee cannot be a purchaser of trust property, as he cannot be both seller and purchaser.In a fiduciary relationship induced by profit a person, in whom a confidence is reposed, gains profits by availing himself of his position. Equity refuses such a person (fiduciary) to claim for himself the profit which has been obtained by him in pursuance of his undertaking or discharge of his own obligation.Q. In a partnership business, if one of the partners dies, then the remaining partners have a fiduciary relationship to ensure the interests of the deceased partner towards his representatives. Does this statement hold true with respect to the passage above?a)No, as the relationship exists only with the partner, which comes to an end with the death of the partner.b)No, as the existing partners do not have any contractual relationship with the representatives.c)Yes, as the partners have a fiduciary relationship among themselves, and the deceased partner’s interests need to be protected and passed on to his representatives.d)None of the above.Correct answer is option 'C'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice A fiduciary relationship is where one person places some type of trust, confidence, and reliance on another person. The person who is delegated trust and confidence would then have a fiduciary duty to act for the benefit and interest of the other party. The party who owes a duty to act for the best interest of the other party is called the fiduciary. The party to whom the duty is owed is called principal.Fiduciary relationships are created in many legal assignments such as contracts, wills, trusts, elections, corporate settings, The main purpose for fiduciary relationships is to establish an honest and trusted relationship between two parties where one party can rely and be confident that the other person is working for their interest and are not using their power for their own interest or the interest of a third party.In order to determine the existence of fiduciary relationship, it could be said that whether one has reposed confidence in another, i.e. whether a confidential relationship exists, is the material test to determine the existence of fiduciary relationship.For instance, in a transaction with the trustee who is under an obligation to protect the interest of the beneficiary, for whose benefit the confidence has been reposed on him can be stated as a fiduciary relationship. The basic principle of the trust is that the trustee generally acts voluntarily and is not paid for his services, though he may claim remuneration if he can show a specific entitlement of it. A trustee cannot be a purchaser of trust property, as he cannot be both seller and purchaser.In a fiduciary relationship induced by profit a person, in whom a confidence is reposed, gains profits by availing himself of his position. Equity refuses such a person (fiduciary) to claim for himself the profit which has been obtained by him in pursuance of his undertaking or discharge of his own obligation.Q. In a partnership business, if one of the partners dies, then the remaining partners have a fiduciary relationship to ensure the interests of the deceased partner towards his representatives. Does this statement hold true with respect to the passage above?a)No, as the relationship exists only with the partner, which comes to an end with the death of the partner.b)No, as the existing partners do not have any contractual relationship with the representatives.c)Yes, as the partners have a fiduciary relationship among themselves, and the deceased partner’s interests need to be protected and passed on to his representatives.d)None of the above.Correct answer is option 'C'. Can you explain this answer? tests, examples and also practice CLAT tests.