Charter One Bank owned a fifteen-story commercial building

| March 14, 2016

12-6 Misrepresentation.
Charter One Bank owned a fifteen-story commercial building. A fire inspector told Charter that the building’s drinking-water and fire-suppression systems were linked. Without disclosing this information, Charter sold the building to Northpoint properties, Inc. Northpoint spent $280,000 to repair the water and fire-suppression systems and filed a suit against Charter one. Is the seller liable for not disclosing the building’s defects? Discuss.

12-5 Mutual Mistake.
when Steven Simkin divorced Laura Blank, they agreed to split their assets equally. They owned an account with Bernard L. Madoff Investment Securities estimated to be worth $5.4 million. Simkin kept the account and paid Blank more than $6.5 million- including $2.7 million to offset the amount of the funds that they believed were in the assent. Later, they learned that the account actually contained no funds due to its manager’s fraud. Could their agreement be rescinded on the basis of a mistake? Discess.

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