What are the fraud and misrepresentation regulations related to the sale of aircraft?
In California, the sale of aircraft is subject to fraud and misrepresentation regulations. When a person contracts to sell an aircraft, they must act in good faith and provide full disclosure of all relevant information. If they fail to do so, the buyer may be able to take legal action against the seller for fraud or misrepresentation. Under California law, the fraud and misrepresentation rules apply only to the sale of aircraft that are valued at over $10,000. In order for a buyer to have a valid claim of fraud or misrepresentation, it must be proven that the seller knowingly and intentionally provided false information, or failed to disclose information that was material and relevant to the sale. This means that the seller must have had knowledge that the information was untrue or incomplete and that it would influence the buyer’s decision to purchase the aircraft. Other regulations also apply to the sale of an aircraft depending on the specific circumstances. For example, warranties and disclosures must be provided to the buyer and the buyer must meet certain eligibility requirements. A knowledgeable attorney can provide additional information and advice to help buyers and sellers navigate the complexities of aircraft law in California.
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