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CHAPTER 4

THE LABYRINTH

4.10.1The Pre-Contract Oral Misrepresentation of Investment
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Prior to Contract, the First National Senior Official said that Gross Monthly Payments to Irish Life were invested in an Endowment Policy with Irish Life. (See Section 1.2: The Experts’ Advice and Representations.)


In the absence of any clear statement to the contrary, the term ‘invested’ is to be understood in its plain and literal meaning, i.e. put into a fund to earn a profit. (See Section 2.2.1: The Construction of a Contract.)


But none of the Gross Monthly Payments to Irish Life are invested in the first year and only 96% of Gross Monthly Payments to Irish Life are invested in subsequent years.


Therefore, the pre-contract statement by the First National Senior Official that Gross Monthly Payments to Irish Life were invested in an Endowment Policy constitutes a Misrepresentation.



(See Section 2.3.1: The Conditions Necessary for the Existence of Misrepresentation, and Section 2.3.5: Statutory Misrepresentation. See also Section 2.8.1: The Right to Revoke the Contract, and Section 2.8.4: The Measure of Damages as a result of a successful Action based on the Statute Law liability under Misrepresentation.)

 

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