The Law Would Most Likely Impose a Duty of Disclosure

question 50

Multiple Choice

The law would most likely impose a duty of disclosure in a transaction between:

• A) a salesperson and customer.
• B) business partners.
• C) a contractor and a homeowner seeking bids on repairing a roof.
• D) a seller of real property and a potential buyer who knows the property has greater value than the seller realizes.

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Definitions:

Free Trade

An economic policy that allows imports and exports between countries with minimal or no tariffs, quotas, subsidies, or prohibitions to encourage international trade.

Tied Aid

A form of foreign aid that requires the recipient country to spend the funds in the country of the donor or in a group of specified countries.

Low-priced Food

Food items that are available at relatively low prices, often due to subsidies or lower quality.

Farm Prices

The prices that farmers receive for their products, including crops and livestock, which can fluctuate based on supply, demand, and market conditions.