To Obtain Relief for Negligent or Innocent Misrepresentation, the Elements

question 3

True/False

To obtain relief for negligent or innocent misrepresentation, the elements of fraud must be present but the misrepresentation need not be material.

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Definitions:

Cost Effectiveness

A measure that evaluates the cost and benefits of a project or decision to determine the best resource allocation.

Flexibility

Flexibility in business refers to the ability of a company to adapt quickly to changes in the market or environment, including adjusting processes, products, or strategies to meet new circumstances.

Special Journal

A specialized accounting journal used to record and post transactions of a similar type.

Subsidiary Ledger

A detailed ledger that provides a breakdown of transactions relating to a specific account, which then rolls up into the general ledger.