Dennis Sells a Motorcycle to Elton Without Disclosing That the Odometer

question 52

Multiple Choice

Dennis sells a motorcycle to Elton without disclosing that the odometer, which reads 10,000 miles, was disconnected 100,000 miles ago. Dennis is most likely liable for

• A) fraudulent misrepresentation.
• B) none of the choices.
• C) mistake.
• D) puffery.

Understand the concepts of punitive damages and the circumstances under which they are awarded in tort actions.

Understand the characteristics and differences between public and private goods.

Describe how the market demand for public and private goods is derived.

Identify and explain the free-rider problem associated with public goods.

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Definitions:

Legal Consideration

An essential element of a contract, referring to something of value promised to another when making an agreement.

Contract Was Formed

A statement indicating that an agreement meeting all legal requirements for enforceability (offer, acceptance, consideration) has been successfully established between parties.

Consideration Requirement

A fundamental principle in contract law that requires both parties involved in a contract to exchange something of value for the agreement to be legally binding.

Legal Value

Consideration or a benefit recognized by the law that supports a contract's enforceability.