Mary and Janet Entered into a Contract for the Purchase

question 47

Multiple Choice

Mary and Janet entered into a contract for the purchase of a used vehicle. Mary thinks she is selling her 2010 Kia Soul and Janet thinks she is selling her 2012 Audi. This is an example of:

• A) Misrepresentation
• B) Undue Influence
• C) Duress
• D) Mistake

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Definitions:

Monopoly

An economic setup where there is only one provider offering a distinctive item for sale.

Joint Profits

Profits that are shared among two or more businesses, typically resulting from a partnership or joint venture.

Duopolists

Two firms that dominate a market or industry, competing directly with each other.

Collude

To secretly agree with others, typically competitors, to cooperate for an illegal or deceitful purpose, such as fixing prices.