Generally, a Party Is Under a Duty to Disclose Material

question 14

True/False

Generally, a party is under a duty to disclose material facts to the other contracting party, and failure to do so is a violation of his or her duty of utmost good faith.

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Definitions:

Statutory Powers

Legal authorities and powers explicitly granted to a government official, body, or institution by a statute or act passed by a legislative body.

President

The elected head of state and government in a republic, responsible for implementing and enforcing laws written by the legislature and, often, also has the role of commander-in-chief of the armed forces.

Impeached and Convicted

The process and outcome where a public official is charged with misconduct and subsequently found guilty by a legislative body, leading to their removal from office.

Resigned

The act of formally giving up a position or office, often in a professional context.