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Dury of disclosure


Bicester1
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Hi everyone.

 

I came accross this today in Wikepedia

 

CONTRACTS UBERRIMAE FIDEI

 

Contracts uberrimae fidei (contracts of the utmost good faith) impose a duty of disclosure of all material facts because one party is in a strong position to know the truth. Examples would include contracts of insurance and family settlements.

A material fact is something which would influence a reasonable person in making the contract. If one party fails to do this, the contract may be avoided. See:

Lambert v Co-Operative Insurance Society [1975] 2 Lloyd's Rep 485.

Where there is a fiduciary relationship between the parties to a contract a duty of disclosure will arise, eg, solicitor and client, bank manager and client, trustee and beneficiary, and inter-family agreements

 

This is interesting in view of the Banks reluctance to disclose there true costs! One might argue that the contract is as above.

 

How about embezlement, missrepresentaion, fraud,deception, theft or larceny?

 

If it could be shown that they knew that their charges were far less than those that they were levying and that nonetheles continued to misrepresent them as only covering their actual costs it does seem to me that their may be grounds for a criminal investigation. The thought of seeing afew CEOs in the dock is a very pleasant one!

 

UK default charges controversy - Wikipedia, the free encyclopedia

Bicester1

 

MBNA WON £623

:)

GM Card Won £580

:)

Nat West CC Won £525.08

:)

Nat West Bank Won £2346.60:)

Lloyds PPI LBA

Barclaycard defence received. Trial date 30th July. Barclays missed deadline for servicing and filing of their bundle! Going to try for strikeout or summary disposal

HBOS about to issue N1

LLoys Bank LBA

 

I am not a lawyer. Get trained professional advice if unsure of your legal position. If my advice is helpful please tip my scales!

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