Asked by Katelyn Smith on May 09, 2024
Verified
In terms of the elements of fraudulent misrepresentation,there must have been justifiable reliance on the false statement by the innocent party to the agreement.
Fraudulent Misrepresentation
The tort that occurs when a misrepresentation is made with the intent to facilitate personal gain and with the knowledge that it is false.
Justifiable Reliance
The principle that a party has acted upon another's representation with a reasonable belief that it was true, often relevant in cases of fraud or misrepresentation.
- Recognize the importance of justifiable reliance on a statement for fraudulent misrepresentation.
Verified Answer
JR
Jacques RostollMay 15, 2024
Final Answer :
True
Explanation :
Fraudulent misrepresentation has three elements: a)a false statement about a past or existing fact that is material to the contract; b)intent to deceive; and c)justifiable reliance on the false statement by the innocent party to the agreement.
Learning Objectives
- Recognize the importance of justifiable reliance on a statement for fraudulent misrepresentation.
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