01/04/2023
legal maxim
uberrimae fidei
Latin term
Uberrimae---the most abundant
Fidei-----faith
Means - Good Faith
Example--in certain contracts (like contract of marine, fire and life insurance, contract for sale of land, for family settlements, and for allotment of shares in companies) in which one of the party is presumed to have means of knowledge not accessible to the other, that party is bound to treat the other with uberrima fides and tell him everything which may be supposed to affect his judgement.
In these cases non disclosure of material fact, even in absence of a misrepresentation or fraud may make the contact voidable at the instance of a party to whom the uberrima is due.
