Under Maryland law, all of the following statements about the Maryland Residential Property Disclosure and Disclaimer Act are correct EXCEPT:
Correct Answer
C) A seller who provides a Disclaimer Statement is completely immune from all legal liability related to the property's condition
The statement in option C is FALSE and therefore the correct answer to this EXCEPT question. A seller who provides a Disclaimer Statement under the Maryland Residential Property Disclosure and Disclaimer Act, Md. Code Ann., Real Prop. §§ 10-702 et seq., is NOT completely immune from all legal liability. The disclaimer protects sellers from having to itemize known defects, but it does not shield them from liability for fraud, active concealment of known defects, or misrepresentation. A seller who knowingly conceals a material defect remains legally liable despite providing a disclaimer.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A bilateral contract is an agreement in which both parties exchange promises and are both obligated to perform, while a unilateral contract is one in which only one party makes a promise and the other party is not obligated to act.
A breach of contract occurs when one party fails to perform their obligations under the contract without a legal excuse. The non-breaching party is entitled to legal remedies including damages, specific performance, or contract rescission.
Consideration is something of value exchanged between parties to a contract, making the agreement legally binding. It can be money, a promise to act, a promise to refrain from acting, or anything else of value.
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