Question

4. True/False

Certain relationships universally regarded as fiduciary relationships.

5.True/False

Fiduciary usually has knowledge or expertise about the matter being handled.

6. True/False

A fiduciary is held to a standard of a casual business person.

Answer 1

4 True.  Courts have neither defined the particular circumstances of fiduciary relationships nor set any limitations on circumstances from which such an alliance may arise. Certain relationships are, however, universally regarded as fiduciary

5. True. Characteristically, the fiduciary has greater knowledge and expertise about the matters being handled than does the beneficiary

6. True. A fiduciary is held to a higher standard of conduct and trust than that required of a casual business person: The duty of care requires that members or managers act in good faith and exercise a certain level of care in fulfilling their obligations to and directing the activities of the LLC