Chapter

Accommodating Loyalty

Andrew S Gold

in Contract, Status, and Fiduciary Law

Published in print November 2016 | ISBN: 9780198779193
Published online January 2017 | e-ISBN: 9780191824364 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780198779193.003.0009
Accommodating Loyalty

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Legal and extra-legal conceptions of loyalty often diverge, most notably in fiduciary law. Some consider this divergence problematic because they see loyalty duties as moral duties, or because they see loyalty as a moral virtue. This chapter raises doubts about a moralistic view of fiduciary loyalty, in part due to difficulties in legal enforcement. Rather than seek to bring the law into a closer fit with moral understandings of loyalty, this chapter will instead suggest that the law should accommodate extra-legal conceptions of loyalty—that is, it should make space for loyal individuals to take on obligations that match their understanding of what it is to be loyal.

Keywords: fiduciary; loyalty; accommodation; private law; information costs; social norms

Chapter.  15420 words. 

Subjects: Company and Commercial Law

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