Gary accuses Helen of fraudulently inducing him to invest in Junkbonds Inc.. by her disclosure of significant information that she was aware was not accurate.The stock price of Junkbonds significantly declines in value after Gary purchases them. The reliance that gives rise to liability for fraud requires

a.

a subjective statement.

b.

misrepresentation of a fact knowing that it is false.

c.

reliance on a false statement.

d.

b and c above.