For a Misrepresentation to Be Material,it Must Be Likely to Induce

question 72

True/False

For a misrepresentation to be material,it must be likely to induce a reasonable person to manifest assent or the maker must know that it would be likely to induce the recipient to do so.

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Definitions:

Season Tickets

Tickets sold for a series of events or entrances, typically for sports events or performances, offering a price advantage over purchasing individual tickets.

Linear Downward-sloping Demand Curve

A graphical representation showing the inverse relationship between the price of a good and the quantity demanded, depicted as a straight line sloping downward from left to right.

Price Elasticity

An evaluation of how significantly the amount of a good that is wanted or available alters due to a variation in its cost.

Perfectly Elastic

Describes a situation in which the quantity demanded or supplied changes infinitely in response to any change in price.