The Duty to Disclose in Real Estate Transaction——Establishment of Basic Framework

The problem of duty to disclose is a very important and knotty problem in the world. In general, the basis of the duty to disclose has not been simple but plural, including not only efficiency but also morality and public policy. Many dimensions must be taken into account in the erection of duty to disclose, such as essence of information, social desirability of information and the subject holing the information, etc. The application scope of information disclosure is different as to the information internal or external to the real estate. Remedies of breach of duty disclosure has several forms, including mistake, fraud, unconscionability and default rules, which can be chosen by the party.