Tyler is tired of working in the government sector and decided to open his own wellness spa. After several months of looking for an ideal location he was informed by his friend John that Jerry was selling his wellness spa located in a perfect location in town. Immediately, Tyler called Jerry and they met on February 10, 2022 at the location to discuss the various terms of the sale. During their discussion Jerry told Tyler that monthly the spa made a profit of $200,000. In support of this he showed Tyler several financial statements reflecting same. He inspected them and was confident that he was able to make at least 50% profit given his reputation. On March 20, 2022 Tyler agreed to purchase the wellness spa for $7,000,000. He spent $500,000 on renovation and then opened for business on May 20, 2022. However, after three months the profit did not exceed $50,000 per month because Adam & Eve Day Spa, a renounced wellness spa, opened its newest location a few blocks away on March 15, 2022. Tyler is distressed and indicated to John that had he known that Adam & Eve Day Spa was opening its spa in the area he would not have bought the wellness spa and would have instead purchased the internet caf next door.

Advise Tyler as to whether on the above facts Jerry is liable to him under the law of misrepresentation.