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Discuss Two Types of Misrepresentation and How They Differ

question 8

Essay

Discuss two types of misrepresentation and how they differ.List the three things a party must show to rescind a contract based on misrepresentation.


Definitions:

Revenue Function

A mathematical representation that calculates the total revenue generated from the sale of goods or services at different prices.

Total Profits

The overall financial gain made by a business after subtracting total costs from total revenues, indicating the business's financial health over a period.

Cost Function

A mathematical relation that defines the total cost of production as a function of the quantity of output produced.

Profit-Maximizing

The procedure companies undertake to find the best combination of price and production volume for peak profit.

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