Roc Buys a Farm from Steve,who Claims That It Would

question 23

Multiple Choice

Roc buys a farm from Steve,who claims that it would be a prime site for a housing subdivision.Roc later learns that the law does not permit the land to be used for housing.Roc may

• A)not rescind the contract.
• B)rescind the contract only if Roc did not know the law before the deal.
• C)rescind the contract only if Steve knew about the law before the deal.
• D)rescind the contract only if the law is not common knowledge.

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Definitions:

Positive Economic Statement

An objective statement about the economy that can be tested and validated through observation.

Government Control

The involvement or intervention by governmental bodies in regulating or directing economic activities, market practices, and industry standards.

Rent

A periodic payment made to an owner for the use of their property, especially for living in an apartment or leasing a commercial space.

Housing

Refers to residential structures that provide shelter or accommodation, including apartments, houses, and other types of living spaces.