In Hospital Products Ltd v United States Surgical Corporation (1984) 156 CLR 41 the High Court of Australia considered the application of the fiduciary duty in various relationships.

Required

You are to explain what is the meaning of "fiduciary duty" and why it did not apply in the circumstances of the above case. You are also to provide two examples of circumstances when the fiduciary duty might arise and for whose benefit.

You should give relevant legislative provisions and refer to illustrative cases in your answer to this question.