Legally-Required Information Disclosure
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A Legally-Required Information Disclosure is a information disclosure that is the result of a legally required act.
- Context:
- It can (often) include sensitive or confidential information that would otherwise be protected.
- It can (often) vary by Legal Juristiction.
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- It can range from being a Legally-Required Protected Information Disclosure to being a Legally-Required Unprotected Information Disclosure.
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- It can be guided by a Legally Required Disclosure Clause.
- It can be referenced by a Legally Required Disclosure Contract Guideline.
- It can trigger a protective order or other remedies to maintain confidentiality.
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- Example(s):
- an individual disclosing financial information as required by a court order.
- a real estate seller providing details about the presence of asbestos in a property.
- a company revealing environmental impact information as part of regulatory compliance.
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- Counter-Example(s):
- Voluntary Disclosure, which is provided without legal obligation.
- Non-Disclosure Agreement, which restricts the sharing of certain information.
- Confidential Communication, which is protected and not subject to disclosure.
- See: Disclosure Requirements, Legal Compliance, Confidentiality, Regulatory Compliance.
References
2024
- Perplexity
- Legally required disclosures refer to information that individuals or organizations are obligated by law to reveal in certain situations. Here are the key points about legally required disclosures:
- Legal obligation: Legally required disclosures are mandated by law, meaning individuals or organizations must provide specific information when requested or in certain circumstances[1][2].
- Confidentiality concerns: These disclosures often involve sensitive or confidential information that would otherwise be protected[1].
- Notification requirement: When legally compelled to disclose information, the disclosing party is typically required to promptly notify the other party in writing[1].
- Protective measures: The disclosing party often must seek a protective order or other appropriate remedy to maintain confidentiality as much as possible[1].
- Limited disclosure: Only the portion of information that is legally required should be disclosed, and efforts should be made to obtain assurance of confidential treatment for the disclosed information[1].
- Varies by jurisdiction: Disclosure requirements can vary depending on local, state, and federal laws[3].
- Consequences of non-disclosure: Failing to make required disclosures can lead to legal trouble, including potential lawsuits or criminal charges[3].
- "As Is" sales: Selling a property "As Is" typically does not exempt a seller from disclosure requirements[3].
- Real estate applications: In real estate transactions, sellers are often required to disclose information about a property's condition that might negatively affect its value[3][5].
- Commercial real estate: Some states have specific disclosure requirements for commercial real estate transactions, such as environmental conditions or hazardous materials[5].
- Material facts: Even in states without specific disclosure requirements, sellers may be liable for failing to disclose or misrepresenting facts that a reasonable person would consider important in making a decision[5].
- It's important to note that the specific nature and extent of legally required disclosures can vary significantly depending on the context, jurisdiction, and type of information involved. Individuals and organizations should consult with legal professionals to ensure compliance with applicable disclosure requirements in their specific situations.
- Citations:
- Legally required disclosures refer to information that individuals or organizations are obligated by law to reveal in certain situations. Here are the key points about legally required disclosures:
[1] https://www.lawinsider.com/clause/legally-required-disclosure [2] https://www.justice.gov/opcl/overview-privacy-act-1974-2020-edition/disclosures-third-parties [3] https://www.investopedia.com/articles/personal-finance/061214/real-estate-flipping-8-disclosures-you-must-make.asp [4] https://www.lawinsider.com/dictionary/disclosures-required-by-law [5] https://www.justia.com/business-operations/commercial-real-estate-the-law/required-disclosures-in-commercial-real-estate-law/