The Statement of Fact Need Not Be an Actual Assertion

question 35

True/False

The statement of fact need not be an actual assertion for fraudulent misrepresentation to be the basis for a contract rescission.

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Definitions:

FICA Taxes

Taxes designed to provide workers with supplemental retirement, employment disability, and medical benefits.

Employee Earnings

The total amount of money paid to an employee by an employer, including wages, salaries, bonuses, and commissions.

Compensation

Payment or benefits provided to employees in exchange for their work or services.

Accrue a Liability

The process of recognizing liabilities that have been incurred but not yet paid or recorded in the financial statements.