Whenever the property of one party is placed in the control of another, a(n) relationship exists between the two.

Question

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A fiduciary relationship exists when one party (the fiduciary) is entrusted to manage the property or affairs of another party (the beneficiary) in a manner that is in the best interests of the beneficiary. The fiduciary has a legal obligation to act in good faith, with loyalty, honesty, and with the highest degree of care and diligence towards the beneficiary. Examples of fiduciary relationships include those between a trustee and a trust beneficiary, an attorney and client, and a financial advisor and client.

Whenever the Property of One Party Is Placed in the Control