Lyle works for a large commercial mining firm, Firm Ground LLC$.$ Over lunch, he hears plans that Firm Ground is about to purchase a large tract of land that it believes has significant lithium reserves. Lyle quickly sets up an LLC and buys the land before his firm can make an offer. Has Lyle violated any duties of his agency?

Yes, Lyle has violated his duty not to receive outside benefits.

Yes, Lyle has violated his duty to follow instructions.

Yes, Lyle has violated his duty not to compete with Firm Ground LLC$.$

No$,$ as all is fair in business.