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MMLU / A woman prepared an accurate statement of her financial condition and submitted…

Problem

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question

A woman prepared an accurate statement of her financial condition and submitted it with a loan application to a local bank with which she had done business for many years. Shortly thereafter, the woman's financial condition worsened significantly, but she failed to disclose this fact to the bank. Unaware of the woman's changed financial condition, the bank then agreed to lend money to the woman. The bank later learned of the woman's true financial condition. The bank refused to honor its promise to lend money to the woman, contending that the parties' contract was voidable at the bank's option because of the woman's misrepresentation. If the woman sues the bank for breach of contract, will the bank's misrepresentation defense likely succeed?

choices

  1. No, because the woman did not make any subsequent affirmative misrepresentations about her financial condition.
  2. No, because the woman's representations were accurate at the time she submitted the loan application to the bank.
  3. Yes, because the woman had an obligation to correct her previous representations about her financial condition in order to prevent them from being fraudulent.
  4. Yes, because the woman had an obligation to tell the bank about her changed financial condition due to the longstanding relationship of trust and confidence between them.

subject

professional_law

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Source and history

task_id
45d2b7cd-da7a-5d3c-bc79-786c76efbab8
task_key
all--test--45d2b7cd-da7a-5d3c-bc79-786c76efbab8
task_revision_id
1
config / split
all / test

Official source

initial import