The CACM Review: Sample Content, Questions & Answers
Part 2: Fraud and Corruption
The following is a partial excerpt of part 2 accompanied by its review questions and answers.
Definitions
Before delving into the definitions of fraud and corruption, we introduce the following crucial relevant terms:
Fiduciary
Black’s Law Dictionary defines fiduciary as
(as a noun) a person holding the character of a trustee, or a character analogous to that of a trustee, in respect to the trust and confidence involved in it and the scrupulous good faith and candor which it requires. Thus, a person is a fiduciary who is invested with rights and powers to be exercised for the benefit of another person. (As an adjective) it means of the nature of a trust; having the characteristics of a trust; analogous to a trust; relating to or founded upon a trust or confidence.
West’s Business Law defines fiduciary as
As a noun, a person having a duty created by his or her undertaking to act primarily for another’s benefit in matters connected with the undertaking. As an adjective, a relationship founded on trust and confidence.
and it defines fiduciary duty as
The duty, imposed on a fiduciary by virtue of his or her position, to act primarily for another’s benefit.
Duty of Care and Duty of Loyalty
Black’s Law Dictionary defines duty of care as
The CACM Sample Content The CACM Sample Q & A
