A good starting point for any consideration of the basic principles of fiduciary duties is the three-part “rough and ready guide” set out in the dissenting judgment of Wilson J. in Frame v. Smith, 1987 CanLII 74 (SCC), [1987] 2 S.C.R. 99, 42 D.L.R. (4th) 81. That rough and ready guide is now well accepted. At 98-99, she said: Relationships in which a fiduciary obligation have been imposed seem to possess three general characteristics: (1) The fiduciary has scope for the exercise of some discretion or power. (2) The fiduciary can unilaterally exercise that power or discretion so as to affect the beneficiary's legal or practical interests. (3) The beneficiary is peculiarly vulnerable to or at the mercy of the fiduciary holding the discretion or power
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