Full Disclosure Law & Legal Definition
Full disclosure is a legal requirement in various situations, such as real estate transactions and prenuptial agreements, that seeks to balance the negotiating power of both parties to a transaction through equal possession of relevant information. It is a requirement that the whole truth must be told before a purchase is made or a contract is signed, so that the purchaser or signer is fully informed about the consequences of his/her decision.
For example, many courts enforce a requirement on the parties signing a prenuptial agreement that there is full disclosure regarding the assets of bothparties. Often, a schedule of assets will be attached to an incorporated inot a prenuptial agreement to prove full disclosure was made and the agreement was signed knowingly and free from deceit.
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