If Fairness is the Problem Is Consent the Solution

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Suspicions News Magazine National Law Library Volume 4 Business Law 1. “Business Property” Defined When the business man lists his “assets” for a financial statement, he is not exactly making an inventory of his property in the legal sense of the word. The traditions of accounting require him to list a combination of past and present facts and guesses together with some future hopes and with adjustments based on averages or estimated averages, and the result of the calculation yields a purely artificial surplus.

This duty is interpreted as including the renunciation of any advantage inconsistent with the interests of the employer; it extends beyond the time of the termination of the agency, for the former employee is not free to utilize confidential information, or other similar advantage received while in the employ of his principal, in competition with that principal either on his own behalf or on behalf of a new employer. The fiduciary quality of the relationship invites the ready intervention of the courts of equity.

But it did, in course of time, serve its function well. It not only found facts of the kind entrusted to it efficiently, but bravely and independently. It always injected into the administration of justice an element of common sense that frequently saved the “law in action” from the effects of the folly of legislatures. It has served as a training school of citizenship. On the other hand, the system of calling in, qualifying and swearing twelve men who know nothing about a case and are not interested in it, in order to pass on a question of fact, is obviously cumbersome and expensive.

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