LAW 122 Lecture Notes - Lecture 6: Uberrima Fides, Fiduciary, False Statement

• School: Ryerson University
• Department: Law and Business
• Course: LAW 122
• Professor: Avi Weisman

Document Summary

Statements made to induce contract: do not become contractual promises, may be actionable if they falsely induce contract, a(cid:272)tio(cid:374)a(cid:271)le if state(cid:373)e(cid:374)t a(cid:373)ou(cid:374)ts to a (cid:862)(cid:373)is(cid:396)ep(cid:396)ese(cid:374)tatio(cid:374)(cid:863) A statement of an existing fact (cid:894)(cid:374)ot a(cid:374) opi(cid:374)io(cid:374)(cid:895) . What if you offer an opinion within your area of expertise : prediction of future is not a misrepresentation. Statement of facts: misrepresentation must be statement of fact not, opinions, predictions, or statement of law. One party is in unique position to know the material facts ie. insurance contracts need to know as much info as possible: when a special relationship exists between the parties: Party to contract cant take steps to hide evidence of structural damage (the sale may be rescinded) I(cid:374) o(cid:396)de(cid:396) to (cid:271)e a (cid:862)(cid:373)is(cid:396)ep(cid:396)ese(cid:374)tatio(cid:374)(cid:863), the false state(cid:373)ent of fact must have induced deceived party to enter into the contract.