A False Statement by an Expert to a Naive Buyer

question 64

True/False

A false statement by an expert to a naive buyer about a technical detail will usually entitle the buyer to rescind or reform a contract.

---

Definitions:

Opportunity Cost

The cost of an alternative that must be foregone in order to pursue a certain action. Essentially, the benefits you could have received by taking an alternative action.

Value of the Dollar

An expression of the dollar's strength, usually compared against other currencies, which determines the buying power of the dollar in international markets.

Euro

Used by 19 of the 27 EU member states, this is the sanctioned currency of the Eurozone.

Trade Deficit

A scenario in which a nation's import expenses surpass the revenue generated from its exports.