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8 Cards in this Set

  • Front
  • Back
Duty to Disclose
Common Law
Buyer is liable (under the policy that she must use due dilligence). Seller is not liable for silence.
Duty to Disclose
Common Law
Exceptions
Seller is liable is he engages in active concealment.
Duty to Disclose
Modern Law
Seller has duty to disclose defects
Duty to Disclose
Modern Law
Johnson Case
material defect that seller knows of that affects value of home and buyer has no reason to perceive
Duty to Disclose
Modern Law
Two tests that determine material defects?
Objective -- would reasonable person find defect important in their decision to buy.
Subjective -- does it affect value or desireablility of person buying.
Duty to Disclose
Modern Law
If seller breaches, buyer's remedy?
Rescission and sue for damages
Duty to Disclose
Modern Law
Stigma Statutes
Shield sellers from failure to disclose psychological or prejudicial factors that might affect market value --> e.i. murder in house, someone with AIDS lived there)
Duty to Disclose
Modern Law
CERCLA...liability? Defense?
Federal statute that requires liability for cleanup costs for contamination. Buyer must inquire to preclude him from liability. STRICT LIABILITY. Defense --> Innoncent Landowner defense.