Damages Are Not Generally Awarded in Cases of Innocent Misrepresentation;

question 31

Multiple Choice

Damages are not generally awarded in cases of innocent misrepresentation; however,"out-of-pocket" expenses might be awarded.These are referred to as

• A)expense benefits.
• B)compensation or indemnity.
• C)trivial damages.
• D)an expense supplement.
• E)rescission expenses.

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Definitions:

Current Liabilities

Short-term financial obligations due within one year or within a normal operating cycle.

Net Fixed Assets

The value of a company's property, plant, and equipment minus any depreciation that has been recorded on these assets.

Cash Flow

The net amount of cash being transferred into and out of a business, considered important for assessing liquidity, flexibility, and overall financial health.

Creditors

Individuals or institutions that lend money or extend credit, with the expectation of being repaid.