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Elise,age 20,is a full-time college student with earned income from wages of $4,400 and interest income of $500.Elise's parents provide more than half of her support.Elise's taxable income is
Misrepresentation
The assertion of a fact that is not in accord with the truth. A contract can be rescinded on the ground of misrepresentation when the assertion relates to a material fact or is made fraudulently and the other party actually and justifiably relies on the assertion.
Material Fact
A fact that is significant or essential to the issue or matter at hand, and if known, could influence an individual's decision in a transaction, contract, or legal case.
Reliance
The act of depending or counting on something or someone; in legal contexts, it often refers to actions taken based on the trust in a promise or statement by another party.
Good Faith
An honest intention to act without taking an unfair advantage over another party, often a principle in contract law.
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