fraudulent failure to reveal information which someone knows and is aware that in
good faith he/she should communicate to another. Examples include failure to disclose
defects in goods sold (the horse has been sick, the car has been in an accident),
leaving out significant liabilities in a credit application, or omitting assets
from a bankruptcy schedule to keep them from being available for distribution to
creditors. Such concealment at minimum can be a cause for rescission (cancellation)
of a contract by the misled party or basis for a civil lawsuit for fraud.
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