Business, Legal & Accounting Glossary
n. 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 a 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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This glossary post was last updated: 27th April, 2020 | 2 Views.