A Man Opening a Small Business, While Applying for a Loan

question 74

Essay

A man opening a small business, while applying for a loan, intentionally omits the fact that he declared bankruptcy recently and still has bad debts. The bank makes the loan based on the information provided by the man. What type of tort is committed by the man?

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Definitions:

Market Share

The portion of a market controlled by a particular company or product, often expressed as a percentage of total sales in that market.

Trade Restrictions

Measures imposed by governments to regulate international trade, including tariffs, quotas, embargoes, and other forms of trade barriers, aimed at protecting domestic industries.

Dumping

Selling products in a foreign market at a price below the cost to produce them, often considered a form of predatory pricing.

Cream Skimming

The practice of selectively choosing the best or most profitable customers, clients, or opportunities, often leaving less desirable ones for others.