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Buachaill
Buachaill, Barrister
Category: Law
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Experience:  Barrister 17 years experience
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What is an example of fraud by failing to disclose information? I

Resolved Question:

What is an example of fraud by failing to disclose information?

I have an example please.
Submitted: 3 years ago.
Category: Law
Expert:  Buachaill replied 3 years ago.

Buachaill :

1. A simple example of fraudulent concealment would be if you concealed the fact the fire doors had been left open between different parts of a building where a fire occurred, thereby allowing you to claim for the full reinstatement costs of all the building rather than just the area where the fire occurred and which would have been the only area of damage if the fire doors had been closed and the fire contained. This is fraud, as you failed to disclose the fact you left the fire doors open thereby allowing and facilitating the spread of the fire.

Customer:

Would this situation fraudulent concealment then, I was looking to subscribe to the brokerage services of a foreign exchange broker. I have explicitly stated my big size in trading, they rest assured me that there is enough in their market credit lines to satisfy my needs and told me to stay on the retail platform and there is no need for the institutional platform. However, when I get trading, the execution was poor and didin't satisfy my needs, and then they said that the maximum liquidity is 5 million in the markets hence the cost is so high. Might this be a fraudulent concealment for me to deposit the money, as I have been clearly told that it is fine.

Buachaill :

2. This would not amount to fraudulent concealment. Merely actionable breach of warranty which would give rise to money damages.

Customer:

Ok

Customer:

What's the legislation covering this?

Customer:

Is verbal agreement suffice for me to claim upon a breach of warranty claim or does it have to be in the written contract?

Buachaill :

3. These matters are not covered by legislation. These matters are covered by common law rules of law laid down by precedent. Secondly, a verbal agreement is sufficient for you to claim for breach of warranty. An oral agreement is every bit as valid as a written one.

Buachaill, Barrister
Category: Law
Satisfied Customers: 10457
Experience: Barrister 17 years experience
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