Asked by Eunice Monpremier on Jun 19, 2024
Verified
"Where fraudulent misrepresentation is involved, the victim can obtain rescission and/or damages but where innocent misrepresentation is involved, the only remedy is damages." Discuss the accuracy of that statement.
Fraudulent Misrepresentation
A false statement made knowingly or recklessly intended to deceive the other party, leading to a contract or agreement being voidable.
Innocent Misrepresentation
A false statement made honestly and without the intent to deceive, which may lead to the voiding of a contract if relied upon by the other party.
Rescission
The cancellation of a contract, returning all involved parties to their state before the contract was made.
- Understand the concept and implications of misrepresentation in contracts.
- Identify the differences between types of misrepresentation (fraudulent, negligent, and innocent) and acquire knowledge of the available remedies.
Verified Answer
Learning Objectives
- Understand the concept and implications of misrepresentation in contracts.
- Identify the differences between types of misrepresentation (fraudulent, negligent, and innocent) and acquire knowledge of the available remedies.
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