How is a mistake different from fraud?
What will be an ideal response?
A mistake occurs where one or both of the parties to a contract have an erroneous belief about the subject matter, value, or some other aspect of the contract.
Mistakes may be either unilateral or mutual. The law permits rescission of some contracts made in mistake. Intentional misrepresentation is commonly referred to as fraudulent misrepresentation, or fraud. An intentional misrepresentation occurs when one person consciously decides to induce another person to rely and act on a misrepresentation. When fraudulent misrepresentation is used to induce another to enter into a contract, the innocent party's assent to the contract is not genuine, and the contract is voidable by the innocent party. The innocent party can either rescind the contract and obtain restitution or enforce the contract and sue for contract damages.
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Which of the following is true of FDA regulations for cosmetics?
A) It prohibits the manufacture, distribution, or sale of adulterated or misbranded cosmetics. B) All substances and preparations for cosmetic use are chemically proven to be free from carcinogens before sale by the FDA. C) Ordinary household soap is also evaluated in terms of its quality and safety as a cosmetic good under the FDA. D) New cosmetics are released in the market only if they have the "CRUELTY-FREE" label on their package.
A firm has an operating cycle of 120 days, an average collection period of 40 days, and an average payment period of 30 days. The firm's average age of inventory is ________ days
A) 80 B) 50 C) 90 D) 70
In many ways, an I-Team is a
a. small business operating within a large business. b. small business integrated within other parts of the firm. c. large business operating within a large business. d. partnership operating within a small business.
The terms data and information should never be used as synonyms for each other
Indicate whether the statement is true or false