A lawyer selling his practice initially provided information regarding its value that his accountant later informed him was inaccurate. The lawyer is not required to disclose this new fact to the lawyer interested in purchasing the practice as both are commercially and legally sophisticated players who are fully capable of watching out for their own interests.

Question

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The lawyer has a duty to disclose any material facts that may affect the value of the practice, even if both parties are legally and commercially sophisticated. Failing to disclose this new information would be considered fraudulent or negligent misrepresentation.

A Lawyer Selling His Practice Initially Provided Information Regarding Its