A Misrepresentation of Law Is Allowed as Grounds for Rescission

question 10

True/False

A misrepresentation of law is allowed as grounds for rescission of a contract if one party to the contract is a professional who should know what the law is and intentionally misrepresents the law to a less-sophisticated contracting party.

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Definitions:

Interest

The cost of borrowing money or the reward for saving, expressed as a percentage of the principal amount per period of time.

Deposit

Money placed into a financial institution for safekeeping, which can earn interest over time depending on the type of account.

Deposits

Funds placed into an account at a financial institution, often earning interest.

Interest

The cost of borrowing money or the payment received for lending money, often expressed as a percentage of the principal.