Trust Beyond Jargon
Trust is at the heart of all our relationships. Trust means to believe. No relationship can survive without trust.
This is especially true when you enter into a legal contract with someone. In doing so you trust the person. Both parties expect the contract to be mutually beneficial.
In legal jargon this is called “fiduciary” duty. Basically, fiduciary means that both parties entering into a contract (written or unwritten) are doing so based on trust and confidence.
Though the concept of trust seems like a no-brain-er, it is often left to the courts to decide whether or not trust was breached.
Cases can be as clear-cut as a parent’s fiduciary obligation to their child or as complex as the obligations corporations have to their shareholders.
Isn’t it amazing that something as ethereal as trust is at the heart of our legal system?
Did you know that the word fiduciary comes from the Latin word fiducia meaning, in-trusted or held in trust