M. Tullius Cicero, De Officiis
Walter Miller, Ed.

[61] 15. But if Aquilius's definition is correct, pretence and concealment should be done away with in all departments of our daily life. Then an honest man will not be guilty of either pretence or concealment in order to buy or to sell to better advantage. Besides, your “criminal fraud” had previously been¹ prohibited by the statutes: the penalty in the matter of trusteeships, for example, is fixed by the Twelve Tables; for the defrauding of minors, by the Plaetorian law. The same prohibition is effective, without statutory enactment, in equity cases, in which it is added that the decision shall be “as good faith requires.”² In all other cases in equity, moreover, the following phrases are most noteworthy: in a case calling for arbitration in the matter of a wife's dowry: what is “the fairer is the better”; in a suit for the restoration of a trust: “honest dealing, as between honest parties.” Pray, then, can there be any element of fraud in what is adjusted for the “better and fairer”? Or can anything fraudulent or unprincipled be done, when “honest dealing between honest parties” is stipulated? But “criminal fraud,” as Aquilius says, consists in false pretence. We must, therefore, keep misrepresentation ³ entirely out of business transactions: the seller will not engage a bogus bidder to run prices up nor the buyer one to bid low against himself to keep them down; and each, if they come to naming a price, will state once for all what he will give or take.