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Business Math17th EditionMary Hansen 3,734 solutions the statement must be one of fact; merely delivering an opinion will not create an actionable misrepresentation. - Bissent v Wilkinson (1927) in this case it was regarded as no more than a matter of opinion, on the grounds that both parties were aware that the land had never been used for sheep farming, and therefore neither could expect the other to know as a matter of fact, how many sheep it could support. there are some cases in which what looks like a statement of opinion will be considered by the courts as being a statement of fact. An example is when one party falsely states their opinion. For example, Ann wants to sell the clock to Ben, and says she thinks the clock is 200 years old, when in fact she knows it was made the week before. Her state of mind is a fact, and she is lying about it; therefore she is making a misrepresentation of fact. This rule was laid down in - Edgington v Fitzmaurice (1885) the legal principle of this case is that a statement about what a person is thinking is a statement of fact, and if it is false it can amount to a misrepresentation. Bowen LJ commented that: 'the state of a man's mind is as much a fact as the statement of his digestion.' In addition, where circumstance are such that the party giving an opinion appears to be in possession of facts upon which the opinion can reasonably be based, that party is effectively stating that he or she is in possession of such facts, and if this is not the case, the statement will be a misrepresentation - Smith v land and house property Corporation (1884). The Court of Appeal held that the description of Mr Fleck as 'a most desirable tenant' was not a mere expression of opinion. Since the claimant were clearly in a position to know Mr Flecks records as a tenant, their statement suggested that they were unaware of any facts which could be regarded as making him an undesirable tenant, which was clearly untrue. The statement was therefore an actionable misrepresentation. Bowen LJ stated that: in a case where the facts are equally well-known to both parties, what one of them says to the other is frequently nothing but an expression of opinion... But if the facts are not equally well known to both sides, then a statement of opinion by the one who knows the facts best involves very often a statement of material fact, for he impliedly states that he knows the facts which justify his opinion. to be an actionable misrepresentation, a statement must refer to an existing fact, not something in the future. The exception is a statement of intention, since this comes under the rule that a statement about the state of one's mind is a statement of fact: saying you intend to do something in the future implies that the intention already exists (Edgington v Fitzmaurice (1885)). Mere 'sale talk' used to recommend a product to a potential customer will not amount to a statement of existing fact. - Dimmock v Hallett (1866): this was held to be simple sale talk, and not a representation of fact. Clearly, this distinction will be difficult at times, but, in general, vague praise will be seen as mere sale talk, while more praise claims are likely to be viewed as a misrepresentation of fact. Statements of the law are not sufficient to amount to an actionable misrepresentation. In practice, it is not always clear when a statement is one as to law or as to fact. Which of the following is not an example of misrepresentation?Generally, silence is not a misrepresentation.
What is a material misrepresentation quizlet?What is a "material misrepresentation?" A material misrepresentation is a statement that, if discovered, would alter the underwriting decision of the insurance company. Are intentional material misrepresentations considered fraud? Yes; this is considered a misdemeanor.
Which of the following is not a responsibility of the insurance agent?Insurance agents do not have an independent duty to identify their clients' needs and to advise them regarding whether they may be underinsured because it is the client's responsibility or duty—not the insurance agent's—to determine the amount of coverage needed and advise the agent of those needs.
Which of the following terms describes making false statements about the financial condition?Fraud is defined as the wrongful or criminal deception intended to result in financial or personal gain. Fraud includes false representation of fact, making false statements, or by concealment of information.
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Which of the following is considered to be an act of misrepresentation Quizlet
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