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:

Additional Part

An extra component or piece that is supplementary to the main elements required for a system, device, or machine to function.

Reduces Reliability

Decreases the ability of a product or system to perform its required functions under stated conditions for a specified period of time.

Preventive Maintenance

Scheduled maintenance tasks performed on equipment and machinery to prevent unexpected breakdowns and to ensure operational efficiency.

System Needs Service

A condition indicating that a system requires maintenance, repair, or updating to ensure optimal performance or functionality.