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Question
Identify the difference between a case involving intentional fraud and innocent misrepresentation.
A. The contractual remedy of rescission is not available in a misrepresentation case.
B. A person committing innocent misrepresentation is liable for punitive damages for the tort of deceit.
C. Reasonable reliance of the complaining party is not required in a fraudulent case.
D. Materiality is not required in a fraudulent case.
Answer
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Related questions
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Which of the following can issue both National Pollution Discharge Elimination System (NPDES) permits and industrial discharge permits?
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Which of the following was the earliest federal legislation enacted to protect water bodies against pollution?
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The _____, enacted in 1970, required that an environmental impact statement be prepared for every recommendation or report on legislation and for every major federal action significantly affecting the quality of the environment.
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Which of the following are exempted from antitrust violations under the Clayton Act?
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B. Roofers and shingle manufactures
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For _____, cost justification is the primary statutory defense to liability under Section 2(a) of the Robinson-Patman Act.
A. functional discounts
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Which Section of The Clayton Act originally prohibited local and territorial price discrimination by sellers?
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The Clean Water Act incorporates both civil and criminal sanctions.
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A. Section 7 of the Clayton Act
B. The Robinson-Patman Act
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Q:
The maximum penalty for a criminal violation of the 1933 Act is a:
A. $20,000 fine and one year imprisonment.
B. $10,000 fine and five years' imprisonment.
C. $20,000 fine and five years' imprisonment.
D. $10,000 fine and one year imprisonment.
Q:
Nast Corp. orally engaged Baker & Co., CPAs, to audit its financial statements. The management of Nast informed Baker that it suspected the accounts receivable were materially overstated. Although the financial statements audited by Baker did, in fact, include a materially overstated accounts receivable balance, Baker issued an unqualified opinion. Nast relied on the financial statements in deciding to obtain a loan from Century Bank to expand its operations. Nast has defaulted on the loan and has incurred a substantial loss. If Nast sues Baker for negligence in failing to discover the overstatement, Baker's best defense would be that:
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A. An accountant who prepares and audits financial statements of companies.
B. A consultant who gives advice to companies for improving performance.
C. A securities broker who provides investment advice to retail investors.
D. An attorney who advises companies on corporation and business laws.