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<p>[QUOTE=&quot;satootoko, post: 107166, member: 669&quot;]Business law classes are probably the largest single source of inaccurate and incomplete legal advice on the planet!</p><p><br /></p><p>Contract law and the law relating to fraud are both very complex, and vary widely from state to state.&nbsp; States Rights are the rule, and federal regulation is the exception in those fields.&nbsp; In fact, most federal regulation of the business marketplace is in the area of consumer protection laws.</p><p><br /></p><p>That said, the general common law rule prevalent throughout most of the United States is that fraud is only committed when one knowingly or recklessly makes false statements which the other party reasonably relies upon; or withholds information despite a duty to speak, usually arising out of some special relationship.&nbsp; Merely knowing more than your counterparty about the subject of your contract is not fraudulent absent the special relationship which itself forms a reasonable basis for the other party to believe you are providing all relevant information in your possession.</p><p><br /></p><p>I think I am qualified to make these statements by my 40+ years of practice including a stint as a law school adjunct professor of contract law,[/QUOTE]</p><p><br /></p>

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