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If Rescission Is Unavailable in a Case of Innocent Misrepresentation,and

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If rescission is unavailable in a case of innocent misrepresentation,and the misstatement was an important inducement,and the aggrieved party has suffered substantial loss,the court may look at the misrepresentation as


Definitions:

Bankruptcy Law

The body of law that governs bankruptcy and the process of resolving debts among creditors and debtors where the debtor is unable or unwilling to pay.

Work Time

The period for which an employee is legally compensated for performing duties associated with their employment.

Reorganization Plan

A document outlining the proposed restructuring of a company's operations, finances, or structure during bankruptcy proceedings.

Chapter 11

A provision of the United States Bankruptcy Code that permits reorganization under the bankruptcy laws of the United States.

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