BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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nominal damages.
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punitive damages.
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actual damages.
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compensatory damages.
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Detailed explanation-1: -Being able to show fraud allows a victim to recover punitive damages in addition to being able to utilize other remedies. To prove fraud, an alleged victim must show all the elements necessary to prove misrepresentation in addition to showing intent and injury.
Detailed explanation-2: -The two forms of mistakes of fact are mutual mistakes and unilateral mistakes. A mutual mistake occurs when both parties have an erroneous belief while a unilateral mistake only involves the misunderstanding of one party.
Detailed explanation-3: -The contract is not considered voidable if both parties employed fraud to obtain consent. Failure to disclosefacts, when there is a duty to reveal them, as when the parties are bound by confidential relations, does not constitute fraud. As a rule, future inheritance may not be the object of contract.
Detailed explanation-4: -As in other legal systems certain factors can vitiate the quality of consent and thus make the agreement void or voidable. These are – (a) mistake, (b) misrepresentation (fraudulent or non fraudulent), and (c) undue influence and coercion.