contract of Uberrima fides

This query is : Resolved 
 


Querist : Anonymous (Querist)
27 October 2010

is the concept of contract of Uberrima fides, related only to insurance,can you please give me the sections related to contract of Uberrima fides.


A V Vishal (Expert)
27 October 2010

This phrase is used to express that a contract must be made in perfect good faith, concealing nothing; it is good for any kind of legal agreements.


Deepak Shenoy (Expert)
28 October 2010

General principles of contract says while entering into a contract one is not supposed to disclose everything unless he is duty bound to speak. Eg : When a person selling a land he is not supposed to disclose everything about the land unless buyer asks. However, when he is duty bound to speak, and if he keeps quite it will be considered as misrepresentation or fraud ( depending upon the scenario). Contracts of insurance are considered to be contracts of utmost good faith and and law requires a person to speak i.e he is duty bound to disclose.

s.subramanian (Expert)
29 October 2010

I agree.

Parthasarathi Loganathan (Expert)
31 October 2010

UBERRIMA FIDES.

Perfect good faith; abundant good faith.

This phrase is used to express that a contract must be made in perfect good faith, concealing nothing; as in the case of insurance, the insured must observe the most perfect good faith towards the insurer.



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