English Contract Law – False Statement
We need to prove that the alleged statement was untrue or erroneous when it was made. False because of a change in the facts Be wary of claims that are true when they are made but later prove to be untrue or erroneous before the contract is signed. For instance, a seller might inform a potential customer that his company makes £1 000,000 per year in profit, but by the time the customer decides to purchase the company, the annual profit might have changed. The representor is seen to have a duty to update the representation in such cases up until the sale is finalized, according to the courts. This statement may be deemed to be false if the person fails to rectify it before the transaction.
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