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In the circular-flow diagram, payments for labor, land, and capital flow from firms to households through the markets for the factors of production.
Fraudulent
Involving deceit, trickery, or breach of confidence, intended to gain an unfair or unlawful advantage.
Tort Of Deceit
A legal wrong involving the intentional misrepresentation of fact, with the aim of making someone rely on it to their detriment.
Non Est Factum
“It is not my act”—grounds for a court to declare a contract void because a party is unaware of the nature of the contract.
Misrepresentation
A false statement of fact that induces someone into entering a contract.
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