Fiduciary Relation
Definition: A fiduciary relation is a legal relationship where one person trusts and relies on another person to take care of their interests. This often happens in situations where one person has more knowledge or power than the other.
Usage Instructions: You can use "fiduciary relation" when discussing legal matters, business relationships, or situations where trust is very important. It’s often used in contexts like financial advising, legal representation, or partnerships.
Example: - "The lawyer has a fiduciary relation with their client, meaning the client trusts the lawyer to act in their best interest."
Advanced Usage: In legal discussions, you might hear about "breaching a fiduciary duty," which means someone did not act in the best interest of the person who trusted them.
Word Variants: - Fiduciary (adjective): Relating to the trust and responsibility in a fiduciary relation. - Example: "A fiduciary duty requires the advisor to act in the best interest of the client."
Different Meanings: - "Fiduciary" can also refer to a person who holds something in trust for another, like a trustee managing a trust fund.
Synonyms: - Trust relationship - Confidential relationship - Duty of care
Idioms and Phrasal Verbs: While "fiduciary relation" itself does not have idioms or phrasal verbs directly associated with it, you might encounter phrases like: - "In good faith": Meaning to act honestly and without intention to deceive, which is important in fiduciary relations. - "Look out for someone’s interests": This reflects the responsibility in a fiduciary relation, where one party must protect the interests of the other.