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Ch1-2 3rd party

Duties Owed to the Third Party

TermDefinition
Diligent exercise of reasonable care and skill The obligation to be diligent, persistent, and thorough, and to exercise reasonable care and skill in dealing with third parties.
Duty to honesty, fair dealing, good faith Duty not to attempt to conceal information with the intention to misrepresent or defraud, or harm to a third party.
Duty to disclose all material facts Disclosure of all material facts that are known or could have been known if reasonable due diligence would have been exercised.
Duty of loyalty This is *NOT* owed to a third party.
Created by: userjoe
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