LAW 122 Lecture Notes - Lecture 8: Rescission, Uberrima Fides

• School: Ryerson University
• Department: Law and Business
• Course: LAW 122
• Professor: Leigh Lampert

Document Summary

Unless it is stated fraudulently (i. e. they say that if you sell the business they will quit and you refrain from telling the purchasers this) Statement of law ( zoning permission is not required ) a vendor of a building tells someone that they don"t need zoning approval to build but they are mistaken. You cannot sue because it is up to the buyer to figure out the law, not to simply rely on the vendor. Unless you say: we already have zoning approval where you don"t and this is fraudulent. Parties are not required to disclose material facts during negotiations. Distorts previous assertion if your best employee tells you he is leaving after you"ve already told the buyer that they will be there, you must tell them because they are making their decision based on these facts. Duty of utmost good faith insurance customer must disclose everything to the company because they are assuming all risks when insuring you.