Victims of Misrepresentation Who Have Affirmed the Contract Are Bound

question 101

Multiple Choice

Victims of misrepresentation who have affirmed the contract are bound by the affirmation and cannot later insist on

• A) rescission.
• B) remedies.
• C) breach.
• D) original positions.
• E) quantum meruit.

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Definitions:

Price Inelastic

Characterizes a situation where the demand for a good or service does not significantly change with a change in its price.

Price Volatile

Refers to sudden and significant price changes within short periods, often seen in markets for commodities or securities.

Marketing Mix

The factors that a business can change in selling products to customers—product, place, price, and promotion.

Market Will Bear

Refers to the maximum price that consumers are willing to pay for a product or service in the market.