Describe the various duties owed by agents to their principals and illustrate the consequences of breaching these duties by giving examples. Agent's Duties: - obey lawful instructions of principal - keep confidential any information received from principal - maintain contract with and inform the principal of developments in their affairs, since notice to agent is notice to principal - agent must maintain the standard required for any special skills possessed, and may be liable to principal for failure to maintain the standard if a loss results - funds or goods received on behalf of the principal must be recorded, accounted for, and kept separate - to place interests of principal above the agent's - duty to disclose commissions or benefits received from third parties, failure of which results in loss of entitlement to commission and/or liability to turn over the benefit to the principal