MGMT 3320 Lecture Notes - Uberrima Fides, Classic Car

• School: University of Guelph
• Department: Management
• Course: MGMT 3320
• Professor: Joseph Radocchia

Document Summary

One party provides only partial information to the other side. Hides a crack in the foundation of a building, must be disclosed or it will amount to a. One party neglects to correct an earlier assertion that, when stated, was correct but now no misrepresentation. longer is so. Physician selling his practice gives initial information regarding its value that later becomes inaccurate, the physician must go back and disclose this new fact to the prospective purchaser. The parties are in a relationship requiring utmost good faith. Person applying for insurance coverage has a duty to disclose all information that would be relevant to the insurer who is assessing the risk of the accepting the application. A statute imposes a positive obligation to disclose information. Legislation requires directors of a corporation to disclose their interest in certain kinds of contracts involving the corporation they serve. Misrepresentation: a false statement of fact that causes someone to enter a contract.