A Misrepresentation of a Material Fact Is Actionable as Fraud

question 65

True/False

A misrepresentation of a material fact is actionable as fraud only if it occurs by words.

Recognize the principles governing insurance contracts, the collection of claims, and the interpretation of ambiguous clauses in favor of the insured.

Understand the concept of externalities and their impact on public welfare.

Comprehend how property rights and negotiations can address external costs.

Grasp the principles of the Coase theorem and conditions for its application.

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Definitions:

Gala Apples

A variety of apple that is known for its sweet flavor and crisp texture, often used in cooking and baking.

Price-Elastic

Describes a situation in which the demand or supply for a good or service responds significantly to a change in price.

Price-Inelastic

Describing a situation where the demand for a good is insensitively responsive to changes in its price, usually due to the lack of close substitutes.

Complementary Goods

Goods or services that are used together, where the consumption or use of one increases the value or demand of the other.