The term _____ is used to describe misstatement or incomplete statement of a material fact.

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BlackTom AI · Accepted Answer

The question asks: The term _____ is used to describe misstatement or incomplete statement of a material fact.

Option a. Misrepresentation: This term is defined in contract and tort law as a false statement of fact, or a failure to disclose a material fact, that induces another party to enter into a contract or transaction. It directly matches the description of misstatement or incompleteness of a material fact.

Option b. Fraud: While misrepresentation can be fraudulent, fraud emphasizes intentional deception with knowledge of its falsehood. The prompt only mentions misstatement or incomplete statement, not the required intent, so this is not the best fit for the general definition.

Option c. Privacy: This term relates to the right to control personal information or the state of being free from public attention. It is unrelated to misstatements of material facts.

Option d. Conflict of Interest: This occurs when a person's personal interests potentially interfere with their duties or obligations. It does not describe a misstatement or incomplete disclosure of material facts.

Putting it together, the description given aligns with misrepresentation, which captures both the idea of a false or incomplete factual statement that can affect decisions in a transaction.

Digital Thinking and Innovation (122024-RYM) Mock Exam - Set 2

The term _____ is used to describe misstatement or incomplete statement of a material fact.

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