In which case does an agent not owe a fiduciary duty?

An agent does not owe a fiduciary duty in situations that are purely transactional without an investment of trust. Fiduciary duty arises in relationships where one party places special trust and confidence in another to act on their behalf, typically requiring loyalty, care, and full disclosure. In purely transactional relationships, where decisions and actions are limited to specific transactions with no expectation of ongoing trust or reliance, this heightened duty of loyalty and care is not established.

In contrast, relationships involving personal trust, professional partnerships, and long-term agency agreements typically involve an expectation that the agent will act in the best interest of the principal, creating the necessity for fiduciary responsibilities.