The philosophy of fiduciary law

This chapter examines the philosophy of fiduciary law. It first considers fiduciary law in relation to contract law, examining the claim that fiduciary law is no more than an application of contract law. The discussion turns to the question of loyalty as a possible value that may ground fiduciary obligations, to the no conflicts and no profits rules in fiduciary law, and to whether fiduciary obligations or fiduciary relationships should be viewed as the basic unit of fiduciary law. It concludes with the suggestion that the truly distinctive contribution of fiduciary law comes not in any distinctive principle or value it expresses but in the distinctive technique it provides, one which can be applied across a range of contexts and in support of a range of principles and values.