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In common law, what are representations?
In common law, what are representations?
- Memorializing the business deal
- Promises made that the statement is true
- Statements of a past or present fact intended to induce reliance (correct)
- Liability regime and risk allocation
What are the requirements to sue for fraudulent misrepresentation?
What are the requirements to sue for fraudulent misrepresentation?
- The seller had to know the statement was false, the buyer had relied on it, and the reliance was unjustifiable
- The seller had to believe the statement was true, the buyer had relied on it, and the reliance was justifiable
- The seller had to know the statement was false, the buyer had not relied on it, and the reliance was justifiable
- The seller had to know the statement was false, the buyer had relied on it, and the reliance was justifiable (correct)
What are the usual remedies for innocent and negligent misrepresentation?
What are the usual remedies for innocent and negligent misrepresentation?
- Avoidance (cancel the contract) and retention of benefits
- Restitution (compensation) and retention of benefits
- Avoidance (cancel the contract) and restitution (compensation) (correct)
- Retention of benefits and suing for damages
In civil law, what is the requirement for both reps and warranties?
In civil law, what is the requirement for both reps and warranties?
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What is the purpose of reps and warranties in contracts?
What is the purpose of reps and warranties in contracts?
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What is the purpose of a materiality qualifier in a qualified representation and warranty?
What is the purpose of a materiality qualifier in a qualified representation and warranty?
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What is the function of a knowledge qualifier in a qualified representation and warranty?
What is the function of a knowledge qualifier in a qualified representation and warranty?
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What is the purpose of a covenant in a contract?
What is the purpose of a covenant in a contract?
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What distinguishes a condition precedent from other types of conditions in a contract?
What distinguishes a condition precedent from other types of conditions in a contract?
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How does a cap limit the liability in a contract?
How does a cap limit the liability in a contract?
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