A fiduciary relationship may be created either expressly or impliedly. An express fiduciary relationship is created by a contract between the two parties, as a principal and agent relationship, or through a legal proceeding in the case of a guardian and ward relationship. However, when a fiduciary relationship has not been created by an express agreement, the question of whether the relationship exists generally depends upon the specific facts and circumstances surrounding the relationship between the parties and the transaction in which they are involved. Under Florida law, a fiduciary duty implied in law is premised upon the specific factual set of circumstances surrounding the transaction and the relationship of the parties. In a cause of action for breach of a fiduciary duty, a West Palm Beach business lawyer will advise a plaintiff that an implied fiduciary relationship will depend on the degree of dependency on one side and an undertaking on the other side to protect and/or benefit the dependent party. For example, the purchase of stock by a chief executive officer as a majority shareholder of a corporation did not breach his fiduciary duty to the president as a minority shareholder, although the parties had a longstanding oral agreement to share in all business opportunities equally, where CEO was not a majority shareholder at time he purchased stock, and where there was no shareholder agreement between the two.

A cause of action for breach of a fiduciary duty may have many complex issues. Therefore, you should consult with an experienced West Palm Beach business lawyer. Call Sharmin & Sharmin P.A. at 1-800-74-TRIAL.