Which of the Following Is True of the Remedies for Misrepresentation

question 77

Multiple Choice

Which of the following is true of the remedies for misrepresentation and fraud?

• A)All states allow a victim of fraud to rescind and sue for damages.
• B)A person can claim punitive damages for fraud under the tort of misrepresentation.
• C)The contractual remedy for innocent misrepresentation is rescission.
• D)Ratification enables the right to rescind a contract.

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Definitions:

Exchange

The act of giving one thing and receiving another in return, particularly in terms of goods, services, or other valuables in a market setting.

Production Possibilities Frontier

A curve depicting all maximum output possibilities for two or more goods given a set of inputs (resources, labor, etc.).

International Trade

The exchange of goods and services between countries, allowing nations to expand their markets and access goods that are not produced domestically.

Absolute Advantage

Refers to the ability of a country, individual, or firm to produce more of a good or service with the same amount of resources than competitors.