A Misrepresentation of Law Is Actionable If One Party to the Contract

question 21

True/False

A misrepresentation of law is actionable if one party to the contract is a professional and should know what the law is and intentionally misrepresents the law to a less sophisticated contracting party.

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Definitions:

Finished Goods Inventory

Items that have completed the manufacturing process and are ready to be sold to customers.

Specialized Electrical Switches

Electrical switches designed for specific functions or applications, often requiring custom designs or specifications to meet unique operational or safety standards.

Variable Costing

A pricing approach that incorporates solely the variable costs of production—such as direct materials, direct labor, and variable manufacturing overhead—into the cost per unit of products.

Variable Production Costs

Costs that vary directly with the level of production, such as raw materials and direct labor.