On The Civil Liability Of Misrepresentation

our existing theories and systems on the civil liability of misrepresentation have many defects, the reason lies in that there is no deep research on the information-disclosing system which is as the foundation of this liability. In this thesis, a new definition to the meaning of the information-disclosing system is put forward through analyzing its purposes, that is, it should include request for the significance criterion, and, the investors-decision is as the integral significance criterion. Based on this, the legal relationship of information-disclosing implicated in this system is fully demonstrated so as to make clear the foundation of this system. Secondly, makes comments on the main theories about the character of this liability, then this liability is demonstrated as a special liability for tort provided in special law. Thirdly, doctrine of presumptive is applied to this liability. Fourthly, analysis on constitutive elements: no request for misrepresentation of significance; damages limited to property interests; the method of settling causal relationship differentiates the causal relationship of fact from the one of law in common tort law is used, and a special rule of presumptive is applied to it, and the significance of the contents in misrepresentation is as the foundation of the faith of presumptive in the causal relationship of fact. Lastly, how to bear this liability is provided according to the theory in this thesis. During discussing, several legislative proposals are pointed out for the relevant provisions in a certain number of formulations about civil compensation cases brought in by misrepresentation in securities market from the Highest Court.