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Contracts and Poker: Providing Information

by Scott J. Burnham |  Published: Aug 02, 2017


I bet and a player asks me how many chips I have behind. Do I have to tell him? They say that poker is a game of incomplete information. So is contracts. When you are negotiating a deal, how much of what you know do you have to tell the other party? Probably the most important rule is that while you usually don’t have to affirmatively disclose anything, if you choose to disclose, what you say has to be accurate. So if a homebuyer asks, “Hey, isn’t this the house where that guy was murdered?” The seller is perfectly free to say, “That is for me to know and for you to find out.” But if in fact it is that house, the seller can’t say, “Nope. Never happened.” Another rule is that you don’t have to disclose anything that a reasonably prudent person would have been able to find ...

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