This is a situation dealing with an individual named Mario who owned and operated a plumbing company. Mario was recently approached by Mr. Cardinal who was in the market to sell his carpentry business. Mario had had visions of business expansion and thought that Cardinal's carpentry business was a good way to do that. To confirm whether he should move forward, Mario requested that Cardinal answer a number of questions about the carpentry business' financial situation. Cardinal stated that it was his belief that the business was highly profitable and brought in over $30,000 a month. He also mentioned that over the last few years, he had invested substantially into the business including: $200,000 for a fleet of company vans, $15,000 for a new website, and $40,000 for new tools. Cardinal indicated that the company had a fair market value of $1,000,000. When Mario had a few more follow-up questions, Cardinal replied by saying that all of the answers to his questions were in the company's corporate records. Rather than Mario inspecting the records, Mario hired an accounting firm, Fixter Canon Inc., to do a forensic audit of the business. On completion of the audit, the accounting firm determined that the company was worth $900,000. On that basis, Mario purchased Cardinal's company. A few weeks later, much to their shock, Mario found out that the company was actually struggling and only worth $300,000, dramatically less than what Cardinal had told them. Taking into account the facts of the question, is Cardinal liable for misrepresentation regarding the company's value? Fully explain and apply the relevant legal test to make this determination. (6 marks)