Which of the following statements is incorrect with respect to misrepresentation?Group of answer choicesIt can be fraudulent, innocent or negligentEvery statement made by parties during pre‐contractual negotiations always become terms of the contractA misrepresentation is an untrue statement of fact that induces a party to enter into a contractIt is important to distinguish representations from terms and puff (exaggeration)

What is the consequence of innocent misrepresentation on the contract?  A. The contract becomes void and unenforceable.  B. The contract remains valid, but the innocent party may seek damages for losses incurred.  C. The contract is automatically terminated.  D. The innocent party is entitled to specific performance.

.  Which of the following is an example of a unilateral mistake in contract law?*A) Both parties are mistaken about the terms of the contractB) One party is mistaken about the terms of the contract, and the other party knows about itC) Both parties knowingly agree to incorrect contract termsD) One party intentionally conceals the contract terms from the other party

Deception involves which of the following?Group of answer choicesLeading a customer to have a false belief about a productTreating someone unfairly to benefit from their laborTaking advantage of a customer’s psychology to make a saleNone of the above

If found to be untrue, which of the following statements made by a car salesperson to a potential buyer would constitute a misrepresentation that could render the contract unenforceable?"This car is accident-free and has had only one previous owner.""In my opinion, this car is the best value for your money.""The colour of the car matches your eyes—it's perfect for you!""You won't get a better deal anywhere else."

Which is not true of the following statements?Group of answer choicesFraud is deliberate, errors are not.Some computer systems maintain no source documents.While the auditors may be able to identify potential opportunities for fraud to be perpetrated, it is difficult for the auditor to determine whether misstatement in judgment areas such as accounting estimates are caused by fraud or error.A deliberate failure to record transactions is not fraud