Misrepresentation

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Misrepresentation; in general is a legal term that means "a false statement of fact that has the effect of inducing someone into a contract." It originates from English common law, but has been adopted as a legal principle in the United States. It is a statement that is either untrue, or highly misleading (as opposed to a statement of opinion). For example, telling someone a stereo is "practically new" so that they buy it, when it is in fact 5 years old and heavily used.
      Innocent misrepresentation; is one of the three recognized varieties of misrepresentations in contract law. Essentially, it is a misrepresentation made by someone who had reasonable grounds for believing that his false statement was true. So in the above example, if the seller didn’t know the stereo was actually old, he would only be liable for an innocent misrepresentation.
An example of an innocent misrepresentation is when a seller tells a buyer that a computer being sold is “good as new” and has no knowledge this particular computer model has been discontinued and is no longer being updated or serviced. in the real world, however, it is often the case that because the other two varieties of misrepresentation (negligent and fraudulent) are much more difficult to prove, often this is the best course of action.
Constitutes Innocent Misrepresentation?
It will depend on the law of the state where the misrepresentation occurred. However, there are five basic elements that must be satisfied to prove innocent misrepresentation: Someone must make a false representation that must be false at the time of the transaction, and remain false.
The misrepresentation is "material to the transaction," which means it must be about an important element of the transaction at hand. For example, if someone is selling a car and they say that it has 15,000 miles on it when it actually has 15,124 miles, the misrepresentation would like not be material. By contrast, 150,000 would be. The other party must substantially rely on the misrepresent

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