Credit gives the word to pay either by repaying it or returning those resources later. In other words, this credit is the method of making the reciprocity formal, legally enforceable, and of course, extensible to a vast group of people who are not related.
However, the resources provided may be financial or have goods or services, like consumer credit. The credit covers any form of deferred payment. Credit generally gets extended by the creditor, the debtor or lender, and sometimes the borrower.
Fiduciary duty indicates a legal obligation and commitment from a party to function in the best interests of another party. The party with the responsibility of fulfilling this obligation is called the fiduciary and he/she is often entrusted to hold onto funds or properties. The person to whom the duty is owed by the fiduciary will be called the beneficiary or principal. The fiduciary should strive as per his/her best possible abilities, with a view towards benefiting the principal in question. Fiduciary duty may be executed between principals and brokers, agents and principals, heirs and executors, and beneficiaries and trustees.
Fiduciary duty exists in the real estate and property sector. This means that the broker or agent entrusted with selling a property or helping a buyer find a property will have the fiduciary duty of working in the best interest of the seller/buyer in question. Fiduciaries should not be violating or breaching their duties with principals being entitled to claim compensation/damages for specific breaches.
