Today, a Majority of Courts Permit a Rescission of a Contract

question 50

True/False

Today, a majority of courts permit a rescission of a contract for negligent or innocent misrepresentation, provided that all the remaining elements of fraud are present and the misrepresentation is material.

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Definitions:

Elastic

Describes a situation where the quantity demanded or supplied of a good or service significantly changes in response to price changes.

Cartel's Product

The goods or services produced and sold by a cartel, which is an association of independent businesses organized to regulate production, pricing, and marketing of goods.

Price-leadership Model

A market strategy where one leading company sets the price for goods or services, and others in the industry follow suit.

Dominant Firm

A company that has a major share of total sales in a particular market, giving it significant control over market prices and competition.