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Simple English definitions for legal terms

Stambovsky v. Ackley

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A quick definition of Stambovsky v. Ackley:

In Stambovsky v. Ackley, a man bought a house that he later found out was believed to be haunted. The seller had promoted the house's ghostly reputation in the press and the buyer was not aware of it. The court ruled that the seller had created a reputational condition that impacted the value of the property and the deal between the buyer and seller. The buyer was allowed to rescind the contract and recover his down payment because the seller had not disclosed the information about the house's reputation, which was unlikely to be discovered by a prudent purchaser exercising due care. The court found that the seller owed a duty to the buyer to disclose the information and that enforcement of the contract would be offensive to the court's sense of equity.

A more thorough explanation:

Definition: A legal case in which the buyer of a house was allowed to rescind the contract and recover their down payment because the seller had created a reputation that the house was haunted by ghosts, which impacted the value and resale potential of the property.

Example: Mr. Stambovsky bought a house from Ms. Ackley, but later found out that the house was reputed to be haunted by ghosts. Ms. Ackley had promoted the ghostly reputation of the house in the media. Mr. Stambovsky was not aware of this reputation and had no way of discovering it through a reasonable inspection of the property. The court allowed Mr. Stambovsky to rescind the contract and recover his down payment because the ghostly reputation of the house impacted the value and resale potential of the property, and was created by the seller.

Explanation: The case illustrates the principle that a seller cannot create a reputational condition about a property that materially impairs its value and resale potential, and then fail to disclose it to the buyer. If the reputational condition is peculiarly within the knowledge of the seller and unlikely to be discovered by a prudent purchaser exercising due care, then nondisclosure of such information constitutes a basis for rescission as a matter of equity. The case also shows that the caveat emptor doctrine, which requires the buyer to exercise due care in assessing the fitness and value of the purchased property, does not apply when the seller has created a reputational condition that is unlikely to be discovered through a reasonable inspection of the property.

stakeholder | Standard and Poor’s 500 (S&P 500)

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13:56
went complete at penn a month ago with still no UR
jackfrost11770
13:56
How was that too ambitious of a thought
jackfrost11770
13:57
March at the very least atp
13:57
@llama: thank you!!! 44 apps thats crazy dude
Trismegistus
13:57
jack me too buddy
lilypadfrog
13:57
@info-man: I applied like a week before you and just went UR a couple days ago you’ll get there in a minute
13:57
I'm actually never gonna hear from BU
13:57
definitely not ambitious at all. this cycle's turning out to be as slow as the last one probably due to high app volume
13:57
@lilypadfrog: okay cool good to know
13:58
i really think they should push back seat deposits to june
13:58
its unfair
jackfrost11770
13:58
Recent boo I applied to BU in Oct
13:59
I've been complete since mid Sept:(
13:59
If I knew I would still be waiting in January I probably wouldn't have applied so early
jackfrost11770
14:00
Me neither
jackfrost11770
14:00
Someone applied to nyu in December and got today
jackfrost11770
14:00
I mgoikg to lose my fucking mind
14:01
re seat deposit: does any1 know if u can request to delay 1st seat deposit? some school are really early it seems
[] starfishies
14:02
if they delayed decisions we should be able to delay deposits... but we do not live a perfect world so i doubt it
lilypadfrog
14:03
yeah you can request an extension. usually it’s like a week though
14:03
i need tips for not falling asleep at work
drugs
14:03
can we talk about something interesting like i dont know drugs sex death
ReminiscentZestyFish
14:04
Everyone admitted to penn looks like above medians
14:04
time to harass glove on linkedin
lilypadfrog
14:06
that’s a good way to stay awake. tell him to come back here
14:08
lily i broke a rubber band already
14:08
le sigh
lilypadfrog
14:08
damn you get vicious with it. just pinch yourself or something
lilypadfrog
14:09
don’t break your finger
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