disclosure
Definition
Disclosure means sharing important information with another party that they have a right to know before making a decision. Think of it as the legal duty to be upfront about facts that could affect someone's choice to do business with you, buy your product, or sign your contract.
Example
If you're selling your restaurant, you must disclose to the buyer that the roof leaks and the health inspector flagged a violation last year, even if they never ask about it directly.
Watch Out
Failing to disclose something you knew about can expose you to lawsuits and fraud claims, so when in doubt, share it.
See which terms appear in your contract?
This definition is for informational purposes only and does not constitute legal advice. Please consult with a licensed attorney for legal guidance.