The Contract for an Oakville Property Had Been Signed by Both

question 17

Multiple Choice

The contract for an Oakville property had been signed by both parties. Which of the following is necessary for the contract to be set aside on the grounds of misrepresentation?

• A) The misrepresentation must have been a false statement of a fact; false statements of opinion are never misrepresentations.
• B) The misrepresentation must have been a term of the contract.
• C) The misrepresentation must have induced the party to enter the contract.
• D) The misrepresentation must have been in writing.
• E) The misrepresentation must have been made recklessly or wilfully.

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Definitions:

Limited Liability Protection

A legal structure that shields a company's owners from being personally responsible for the company's debts or liabilities.

Corporate Form

A legal business structure recognized in many jurisdictions allowing the company to operate as a separate legal entity apart from its owners, providing limited liability and ease of ownership transfer.

Entrepreneurs

Individuals who create, launch, and manage new businesses, taking on most of the risks and reaping most of the rewards of the venture.

Financial Asset

Any asset that is cash, an equity instrument of another entity, or a contractual right to receive cash or another financial asset.