common law fiduciary duties

Fiduciary duties are legal obligations where one person (the fiduciary) must act in the best interest of another (the principal or beneficiary). Under common law, these duties include loyalty—avoiding conflicts of interest and not benefiting personally at the expense of the principal—and care—making informed, prudent decisions. The fiduciary must be transparent, honest, and prioritize the beneficiary's interests above their own. These duties ensure trust and accountability, especially in roles like trustees, company directors, or agents, where one party holds a position of responsibility and influence over another’s assets or well-being.