The Law And Commerce : Fiduciary Duty, And The Remedy Of An Account Of Profits

The Law And Commerce : Fiduciary Duty, And The Remedy Of An Account Of Profits

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During my second year at YLS, the focus of my studies has shifted. Whereas the majority of my studies in year one revolved around the common law, this last year my legal education has focused upon the prevalence of the courts of equity in relation to the law of obligations and the law of property. Most notably, I have explored the far-reaching application of equitable redress. Additionally, another topic, which was touched upon last year, has been a core element of my work in relation to the interaction between the law and commerce - fiduciary duty. I have actively considered the functions of these two legal 'items ' in my foundation stream modules - Property 2 and Obligations 2.

This reflective report shall focus predominantly on the concept of 'fiduciary duty ' and the remedy of 'an account of profits '. This report has the objective of showing that the two aforementioned concepts within the law are overarching in relation to my two Foundation Stream modules and additionally as part of my education that has been extrinsic to YLS. I shall first reflect upon the pervasiveness of fiduciary duty in my foundational studies. Logically, I will then ruminate upon the remedial facility of an account of profits, which may be ordered in relation to a breach of obligation, such as, but not restricted to, those of a fiduciary.

The first PBL problem I encountered this year was focused upon the possibility that a woman had been unduly influenced by her solicitor to mortgage her property and give him the money so that he could prevent his firm from going insolvent; the problem related mostly to Obligations 2 as the doctrine of undue falls under the law of contract. This was an interesting scenario because it was different from the typica...

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...apparently in the minds of others, I think that the courts have committed to an undertaking to punish those they believe to have acted immorally; whether they should act as moral arbitrators in this capacity is another issue.

In conclusion, I have identified two relevant interrelated concepts from the Foundation Stream Modules of my second year at YLS, fiduciary duty and account of profits. Additionally, I have used secondary and primary sources of law in order to analyse legal issues raised by PBL scenarios to strategise how to provide the best outcome for a client. Furthermore, I have gone beyond the learning facilitated by YLS in an attempt to satisfy my qualms relating to the justification behind awarding an account of profits, whilst my reading did not totally satisfy reservations, I gained a better understanding of judicial rationale in relation to the remedy.

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