What is the fiduciary relationship existing between an agent and principal? Which of the following is correct?

If an agency relationship exists then the agent is strictly liable for all contractual obligations, what is not in the contract of appointment cannot be applied to the agent

Agents have a fiduciary duty to the principal, this means they must comply with all legislation as it is applied to agents

If an agency relationship is established then there is an assumed fiduciary relationship between the agent and the principal, these are assumed duties of honesty and diligence etc.

An agent has a fiduciary duty only to third parties, the relationship between a principal and agent is purely contractual