The term "fiduciary duty" is technical in nature, but in simpler terms, it covers the expectations between business partners to do the right thing when it comes to the working relationship. There are common duties associated with a fiduciary relationship which include duties of confidentiality, loyalty, and good faith.
Entering into a basic contract seems like it should be a simple black and white situation, but there are several factors involved in regards to business transactions. Disputes often arise when there are is question over a contract's meaning, validity, or enforceability. Contracts help protect both businesses and consumers by making an agreement legally binding.