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In common law jurisdictions, a misrepresentation is a false or misleading [1] statement of fact made during negotiations by one party to another, the statement then inducing that other party to enter into a contract. [2] [3] The misled party may normally rescind the contract, and sometimes may be awarded damages as well (or instead of rescission).
So, under the Misrepresentation Act 1967, damages for innocent misrepresentation are calculated as if the defendant had been fraudulent, despite the absence of deceit. Although this was almost certainly not the intention of Parliament, no changes to the law have been made to address this discrepancy.
The House of Lords held that no damages could be payable because it was not a fraudulent misrepresentation. Lord Moulton identified two ways that the action could be successful. First, if the plaintiff could show fraudulent misrepresentation "or what is equivalent thereto, must be made recklessly, not caring whether it be true or not."
Fraud in the factum is a type of fraud where misrepresentation causes one to enter a transaction without accurately realizing the risks, duties, or obligations incurred. [1] This can be when the maker or drawer of a negotiable instrument , such as a promissory note or check , is induced to sign the instrument without a reasonable opportunity to ...
Stambovsky v. Ackley, 169 A.D.2d 254 (N.Y. App. Div. 1991), commonly known as the Ghostbusters ruling, was a case in the New York Supreme Court, Appellate Division.The court held that a house, which the owner had previously advertised as haunted by ghosts, was legally haunted for the purpose of an action for rescission brought by a subsequent purchaser of the house.
Damages for misrepresentation. (1) Where a person has entered into a contract after a misrepresentation has been made to him by another party thereto and as a result thereof he has suffered loss, then, if the person making the misrepresentation would be liable to damages in respect thereof had the misrepresentation been made fraudulently, that person shall be so liable notwithstanding that the ...
Edgington v Fitzmaurice (1885) 29 Ch D 459 is an English contract law case, concerning misrepresentation. It holds that a statement of present intentions can count as an actionable misrepresentation and that a misrepresentation need not be the sole cause of entering a contract so long as it is an influence.
The Private Securities Litigation Reform Act of 1995, Pub. L. 104–67 (text), 109 Stat. 737 (codified as amended in scattered sections of 15 U.S.C.) ("PSLRA") implemented several substantive changes in the United States that have affected certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation, and awards fees ...