A Seller Who Conceals a Defect in a Product,but Who

question 77

True/False

A seller who conceals a defect in a product,but who does not affirmatively misrepresent the quality of the product,cannot be sued for intentional misrepresentation.

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Definitions:

Market Price

Today's market price for trading an asset or service.

Journalize Entry

A process in accounting that involves recording transactions and financial events in a journal as part of the double-entry bookkeeping system.

Limited Liability Company

A form of business organization that unites the personal tax treatment of a partnership or sole proprietorship with the limited legal responsibility associated with corporations.

Tax Purposes

For tax purposes refers to the specific reasons or objectives related to the calculation and payment of taxes to comply with tax laws.