A false statement made by one party with an intention of inducing to enter into a contract with him is known as

Assessment: WAEC SSCE - Commerce - 2011 (Objective) Subject: Commerce

Question 1 Report

A false statement made by one party with an intention of inducing to enter into a contract with him is known as

Answer Details
The correct answer is "misrepresentation." Misrepresentation occurs when one party makes a false statement with the intention of inducing the other party to enter into a contract. The false statement may be about a material fact, a past event, or a future promise. If the innocent party relies on the false statement and suffers a loss, they may have a right to rescind the contract or claim damages. Misrepresentation can be innocent, negligent, or fraudulent, depending on the state of mind of the party making the false statement.
Read lesson note on Legal Aspects Of Business (JAMB)
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