Equity, Conscience and Things of Confidence and Fiduciary Obligation Essay

Equity, Conscience and Things of Confidence and Fiduciary Obligation Discuss - Essay Example It represents a clear delineation of information deemed as confidential as well the constituents of a brief of confidentiality. In a confidentiality agreement, there are typical requirements. Those requirements include not disclosing the items discussed as well as the scope and ramifications of discussions between the parties, not utilizing confidential information for any purpose other than is clearly delineated in the agreement, and not disclosing any information deemed as confidential to individuals or entities other than the employees or representatives of the recipient without the prior written consent. If employees or representatives of the recipient are granted access to confidential information, the party revealing the information should engage in a subsequent agreement binding the recipient to the same obligation as the original obligation of confidentiality. In addition to this, the original party remains responsible for the actions of those individuals who were provided wi th subsequent confidentiality agreement. Fiduciary obligation is defined as the legal duty of one party to look after the well being of another. Fiduciary obligation can apply to governments, corporations and individuals alike. By acting in the capacity of a fiduciary, a party is bounded to act ethically, responsibly and with the best interest of the appointee at hand. In so doing, a fiduciary obligation is subjected to breach and pertinent remedies when a breach takes place. The case of Canson Enterprises Ltd. v. Boughton & Co (1991) addresses a breach fiduciary obligation wherein Boughton & Company failed to disclose information on the secret profits obtained on a flip. This case dates back to May, 1977, wherein Cranso Enterpise Ltd. Entered into an agreement with Peregrine Ventures Inc. wherein it was agreed they would enter into a joint venture to purchase a piece of property and develop it.