A fiduciary need not make an express undertaking to fulfill this requirement. The necessary undertaking can also be implied, based on considerations such as professional norms, industry or other common practices, and whether the alleged fiduciary induced the other party into relying on the fiduciary’s loyalty: Galambos v. Perez, 2009 SCC 48 at para. 79. Without it, however, no fiduciary duty can arise.
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