Examlex
Which of the following is INCORRECT?
Punitive Damages
Monetary compensation awarded in lawsuits as a punishment to the defendant for egregious or harmful conduct, beyond compensatory damages.
Rescission
The act of revoking, cancelling, or annulling a contract, returning all parties involved to their positions prior to the agreement, often due to misrepresentation, fraud, or mutual mistake.
Materiality
The significance of information or an event in influencing decisions or actions based on its potential impact.
Innocent Misrepresentation
A false statement made by one party to another without knowing it was false, which may lead to the rescission of a contract.
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