MANAGEMENT

Detailed explanation-1: -Innocent misrepresentation is a statement of a material fact made by one party to induce a contract with another party, without the knowledge of its falsity, but with due care. The remedy is usually termination or rescission of the contract.

Detailed explanation-2: -A misrepresentation is a false statement of a material fact made by one party which affects the other party’s decision in agreeing to a contract. If the misrepresentation is discovered, the contract can be declared void. Depending on the situation, the adversely impacted party may seek damages.

Detailed explanation-3: -A misrepresentation is a false statement of a material fact completed by one party which affects the other party’s decision in related to a contract. If the misrepresentation is recognized, the contract can be declared void and depending on the condition, the unfavorably impacted party may seek damages.

Detailed explanation-4: -Misrepresentation is the giving of false information by one party (or their agent) to the other before the contract is made, which induces them to make the contract. If a person makes a contract in reliance on a misrepresentation and suffer loss as a result, they can cancel the contract or claim damages.

Detailed explanation-5: -Definition: Getting into a contract with a person or a company on false grounds by making statements that are not in accordance with the facts is known as misrepresentation. In an insurance policy, misrepresentation on the behalf of the insured gives the insurance company a right to terminate the policy.