A fiduciary relationship exists between:

A fiduciary relationship is not present between any two parties in a transaction. While parties have certain obligations, they don't automatically owe the highest duties of loyalty, confidentiality, and full disclosure to each other. Fiduciary status requires a specific legal relationship based on trust and confidence, which doesn't exist in all transactional relationships.

The buyer and seller relationship is typically a transactional arm's-length relationship with no fiduciary duties unless one represents both through dual agency.

Lender-borrower relationships are governed by contract terms and regulations, not fiduciary duties. These parties have defined contractual obligations but not the heightened fiduciary standard.