What is the effect of a fiduciary relationship between an experienced individual and an experienced businessman acting at arm's length?
Ontario, Canada
The following excerpt is from ST&J Retail Corp. v. Intuit Canada Inc., 2003 CanLII 36596 (ON SC):
In that particular comment he was following Wilson J., in Frame v. Smith, 1987 CanLII 74 (SCC), [1987] 2 S.C.R. 99 at p.137-138 where she indicated: “Because of the requirement of vulnerability of the beneficiary at the hands of the fiduciary, fiduciary obligations are seldom present in the dealings of experienced businessmen of similar bargaining strength acting at arm’s length.”
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