A Party to a Contract Who Seeks to Rescind the Contract

question 1

Multiple Choice

A party to a contract who seeks to rescind the contract because of that party's reliance on the unintentional but materially false statements of the other party will assert:

• A)reformation.
• B)actual fraud.
• C)misrepresentation.
• D)constructive fraud.

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Definitions:

Trade Adjustment Assistance Act

A U.S. law passed in 2002 that provides cash assistance, education and training benefits, health care subsidies, and wage subsidies (for persons age 50 or older) to workers displaced by imports or relocations of U.S. plants to other countries.

Displaced Workers

Individuals who have lost their jobs due to economic changes, technological advancements, or other factors outside their control.

Export Markets

Overseas markets where goods and services produced in one country are sold.

Supply and Demand Analysis

An economic model that determines the price of a product in a market by evaluating the balance between the quantity of a good or service available and the desire (or demand) for that good or service.