Fiduciary Duties

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In Bardy v. Bonnem, Index No. 55909/2023, Justice Linda S. Jamieson of the Westchester County Commercial Division issued a detailed decision addressing contract formation, fiduciary duties, and quasi-contract claims in the context of a failed business venture.

Background

The case arose out of an alleged oral agreement between plaintiff Jack Bardy, an experienced hospitality…

In real estate agency relationships, an agent owes its client, a buyer or seller of property, fiduciary duties, including duties of undivided loyalty, reasonable care, and confidentiality. Due to the increasing number of large brokerage firms, “dual agency” deals have become commonplace. A dual agency occurs when an agent represents the buyer and the seller…