How is a mistake different from fraud?
What will be an ideal response?
A mistake occurs where one or both of the parties to a contract have an erroneous belief about the subject matter, value, or some other aspect of the contract.
Mistakes may be either unilateral or mutual. The law permits rescission of some contracts made in mistake. Intentional misrepresentation is commonly referred to as fraudulent misrepresentation, or fraud. An intentional misrepresentation occurs when one person consciously decides to induce another person to rely and act on a misrepresentation. When fraudulent misrepresentation is used to induce another to enter into a contract, the innocent party's assent to the contract is not genuine, and the contract is voidable by the innocent party. The innocent party can either rescind the contract and obtain restitution or enforce the contract and sue for contract damages.
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Which of the following is not a true statement about the settlement statement:
a. it is to account for all money involved in the transaction b. the seller's loan payoff will be a debit to the seller, a credit to the buyer c. buyer total closing cost will appear on the back and front of the statement d. it will note if monies were paid up front
Which of the following is an advantage of using transitions?
A) Transitions allow for simple sentences. B) Transitions represent common ties in unrelated thoughts together. C) Transitions allow the reader to follow point by point. D) Transitions result in unified paragraphs. E) Transitions make the writing more believable and professional.