Types of misrepresentation mistakes. - SS2 Commerce Past Questions and Answers - page 1
What is the key difference between innocent misrepresentation and fraudulent misrepresentation?
Intent to deceive
Negligence of the party making the statement
Mistake made in good faith
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Which type of misrepresentation involves a lack of reasonable care in verifying the accuracy of a statement?
Innocent misrepresentation
Negligent misrepresentation
Fraudulent misrepresentation
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In a mutual mistake, what must be true for the contract to be voidable?
Both parties were mistaken about a fundamental term
Only one party was mistaken about a material fact
The mistake was made in good faith
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What burden does a unilateral mistake generally place on the mistaken party?
Burden to show harm suffered
Burden to ensure due care in contract formation
Burden to ensure due care in contract formation
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Which type of misrepresentation involves a deliberate act of deceit?
Innocent misrepresentation
Fraudulent misrepresentation
Unilateral mistake
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Explain the concept of innocent misrepresentation in simple terms.
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Provide an example of a situation where a contract may be voidable due to a mutual mistake.
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