A salesman innocently misrepresented a fact to a customer about a new printer. He honestly believed his statement was true and was not careless. Although this fact was not about a term of the contract, it did induce the customer to buy that printer. The next day, the customer learned the true facts and wanted to return the printer. If the store refused to take it back and the customer sued, which of the following would be the most likely result?
A) An award of damages
B) The buyer's case dismissed
C) An order of specific performance
D) An order of rescission
E) An injunction
D) An order of rescission
Business
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Live Wire Hot Rod Shop follows the revenue recognition principle. Live Wire services a car on July 31. The customer picks up the vehicle on August 1 and mails the payment to Live Wire on August 5. Live Wire receives the check in the mail on August 6. When should Live Wire recognize the revenue?
A. July 31 B. August 1 C. August 5 D. August 6
Business
Which of the following is the slope of the security market line?
A) It varies, and it is steeper for riskier securities. B) beta C) the market risk premium D) one
Business