If Cee Ltd Borrows $50,000 by Issuing a 6%,three-Year Note,the

question 149

True/False

If Cee Ltd borrows $50,000 by issuing a 6%,three-year note,the total interest to be paid will be $9,000.

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Definitions:

Induce

To lead or move by persuasion or influence, often to do something.

Rescission

The act of canceling or invalidating a contract, returning all parties to their state prior to the contract.

Award

A formal acknowledgment, often involving a monetary gift, given in recognition of an achievement or as a decision in arbitration and legal matters.

Fraudulent Misrepresentation

A false statement made knowingly, without belief in its truth, or recklessly, causing another to enter into a contract.