Which debra is in breach of her common-law duties

Assignment Help Taxation

Reference no: EM133449120

Case Study: Debra is a prominent collector and dealer of 'StarWars' merchandise. Debra has been appointed as Raymond's agent to purchase 30 pieces of StarWars merchandise by December of this year. Raymond is very concerned to keep the fact that he is increasing his collection confidential as he considers it may affect the price of items he is seeking to purchase. Debra accept the agency, but in negotiating the first three sales she becomes chatty with the seller and tells him all about Raymond's plans to increase his StarWars collection.

Debra soon becomes exceptionally busy with other matters, including her own collection. Consequently, to complete the required purchases for Raymond, Debra sends her assistant to several auctions and private sales to purchase items on Raymond's behalf. Moreover, as December approaches, Debra decides that as she has yet to obtain all of the 30 items required by Raymond, she will make up the balance from items from her own collection which she has been intending to sell. Debra decides that given Raymond's obvious wealth, she will add another 20% to the price ahe would normally have asked for the items.

Also, to save time, Debra places the money her principal has given her into her own account and decides she will draw up the necessary accounts when all the transactions have been completed.

Question: Identify and describe five ways in which Debra is in breach of her common-law duties as an agent.

Reference no: EM133449120

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