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Question
Joe sells his business to Shirley. During the negotiations, Joe negligently tells Shirley that the business has earned a profit for the last five years. In reality, the business operated at a loss for each of those years. However, Shirley did not hear Joe's misstatement. Shirley cannot rescind the contract because:
A. Joe's false statement was negligent rather than intentional.
B. Joe's misstatement was not material.
C. Shirley did not actually rely on Joe's misstatement.
D. an untrue assertion of fact was made.
Answer
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