material misrepresentation definition
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Material Misrepresentation Law and Legal Definition Material misrepresentation is the act of intentional hiding or fabrication of a material fact which, if known to the other party, could have terminated, or significantly altered the basis of, a contract, deal, or transaction.aterial misrepresentation is the act of intentional hiding or fabrication of a material fact which, if known to the other party, could have terminated, or significantly altered the basis of, a contract, deal, or transaction.
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False advertising False advertising. False advertising is the use of misleading, false, or unproven information to advertise products to consumers. One form of false advertising is to claim that a product has a health benefit or contains vitamins or minerals that it in fact does not. Many governments use regulations to control false advertising.
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Lie Defamation—also calumny, vilification, and traducement—is the communication of a false statement that harms the reputation of an individual person, business, product, group, government, religion, or nation.
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- substitution, addition, tampering, or misrepresentation of food, food ingredients, or food packaging; or false or misleading statements made about a product, for economic gain. Food fraud is a broader term than either the economically motivated adulteration (EMA) defined by the Food and Drug Administration (FDA) or the more specific general concept of food counterfeiting. Food fraud may not include “adulteration” or “misbranding,” as
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Perjury Misleading the Witness: The purposeful and intentional attempt for a prosecutor to trick, confuse, or manipulate a witness. Misunderstanding: The inability to understand questioning given by an attorney, which can result in potential perjury or false testimony.
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misrepresentation A misrepresentation in a contract can give a party the right to rescind the contract. A Rescission of a contract returns the parties to the positions they held before the contract was made. A party can rescind a contract for misrepresentation only if the statement was material, or critical, to the agreement.
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What is an 'Unfair Trade Practice' Unfair Trade Practice. What is an 'Unfair Trade Practice'. An unfair trade practice consists of using various deceptive, fraudulent or unethical methods to obtain business. Unfair trade practices include misrepresentation, false advertising, tied selling and other acts that are declared unlawful by statute. It can also be referred to as deceptive trade practices.
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- Material breach is a contract law term which refers to a failure of performance under the contract which is significant enough to give the aggrieved party the right to sue for breach of contract.
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Material Breach Law and Legal Definition Material Breach Law & Legal Definition. Material breach is a contract law term which refers to a failure of performance under the contract which is significant enough to give the aggrieved party the right to sue for breach of contract.
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- Material Facts. A material fact is one that the SSA relies to help determine the outcome of your claim. You commit fraud if you do any of the following so that you can get SSI or SSDI: lie about a material fact, misrepresent a material fact, or cause anyone else to lie about or misrepresent a material fact.
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- DEFINITION of 'Misrepresentation'. A false statement of fact made by one party which affects the other party's decision in agreeing to a contract. If the misrepresentation is discovered, the contract can be later declared void and the situation remedied if the party who relied on the misrepresented fact files suit.For this reason, it is important to be accurate when disclosing facts relevant to a contract negotiation. Next Up.f the misrepresentation is discovered, the contract can be later declared void and the situation remedied if the party who relied on the misrepresented fact files suit. For this reason, it is important to be accurate when disclosing facts relevant to a contract negotiation. Next Up.
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- 1 Risk of material misstatement is described as the auditor's combined assessment of inherent. risk and control risk. See paragraph .22 of section 312, Audit Risk and Materiality in Conducting an. Audit, for the deﬁnition of and discussion about risk of material misstatement.
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Materiality Concept Materiality Concept. Definition. Information is material if its omission or misstatement could influence the economic decisions of users taken on the basis of the financial statements (IASB Framework). Materiality therefore relates to the significance of transactions, balances and errors contained in the financial statements. Materiality defines the threshold or cutoff point after which financial information becomes relevant to the decision making needs of the users.
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Misrepresentation 1 Fraudulent misrepresentation occurs when one makes representation with intent to deceive and with the knowledge that it is false. 2  An action for fraudulent misrepresentation allows for a remedy of damages and rescission. 3  One can also sue for fraudulent misrepresentation in a tort action.n cases of fraudulent misrepresentation, the remedy is either rescission or a claim for damages. The remedy to injured party for negligent misrepresentation is in common law a claim for damages. In other words, actual losses only are recoverable.
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Material Fact Law and Legal Definition Material Fact Law and Legal Definition. Material fact is a fact that is important, significant or essential to a reasonable person in deciding whether to engage or not to engage in a particular transaction, issue or matter at hand. It is a fact that is significant or essential to the issue or matter at hand.
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Material Misrepresentation Law and Legal Definition Definition. Deliberate hiding or falsification of a material fact which, if known to the other party, could have aborted, or significantly altered the basis of, a contract, deal, or transaction.efinition. Deliberate hiding or falsification of a material fact which, if known to the other party, could have aborted, or significantly altered the basis of, a contract, deal, or transaction.
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Material and Materiel The words material and materiel are near-homophones: they look and sound similar but have different meanings. The noun material (pronounced muh-TEER-ee-ul) refers to a substance out of which something is--or can be--made. Material can also refer to information used in writing something, as in research materials..
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- A representation, omission, actor practice is. deceptive when. — The representation, omission, act, or practice. misleads or is likely to mislead the consumer; —The consumer’s interpretation of the. representation, omission, act, or practice is. reasonable under the circumstances; and.
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- material violation of law meaning, material violation of law definition | English Cobuild dictionary. material. 1 n-var A material is a solid substance. ...electrons in a conducting material such as a metal., ...the design of new absorbent materials. 2 n-mass Material is cloth. ...the thick material of her skirt..., The materials are soft and comfortable to wear.
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Puffing The practice of exaggerating the value of a product, a business, or property for promotional purposes. Sellers are not generally held liable for exaggerations that are considered puffing. But they can be liable for misrepresenting the facts of a product. (See also: fraud)
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misrepresentation misrepresentation. MISREPRESENTATION, contracts. The statement made by a party to a contract, that a thing relating to it is in fact in a particular way, when he knows it is not so.2.isrepresentation. MISREPRESENTATION, contracts. The statement made by a party to a contract, that a thing relating to it is in fact in a particular way, when he knows it is not so.
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fraud fraud-Investment & Finance Definition. A legal term that refers to the intentional misrepresentation or concealment of the truth in order to manipulate or deceive a company or individual. When companies undergo severe financial problems and end up in bankruptcy, fraud by senior management may be involved.
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intention In a contract to sell land on commission, a change in the rate of commission is material. A change in a description in a deed so that it transfers a smaller piece of land, a change in the name of a purchaser in a sales contract, or an alteration in the terms of financing set forth in a mortgage is also material.n unauthorized change of date that shortens the time of payment or extends the time of performance so that more interest will become due is a material alteration. An alteration of a signature that changes the legal effect of an instrument is material.
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Mistake of Fact An error that is not caused by the neglect of a legal duty on the part of the person committing the error but rather consists of an unconscious ignorance of a past or present material event or circumstance or a belief in the present existence of a material event that does not exist or a belief in the past existence of a material event that did not ...
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Misprision of felony Misprision of felony. Misprision of felony was an offence under the common law of England and was classified as a misdemeanour.[1] It consisted of failing to report knowledge of a felony to the appropriate authorities.
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disparagement Generally, if the aspersions are cast upon the quality of what the person has to sell, or the person's business itself, proof of damages is essential. Disparagement of goods is a false or misleading statement by an entrepreneur about a competitor's goods. It is made with the intention of influencing people adversely so they will not buy the goods. Disparagement of title is a false or malicious statement made about an individual's title to real or Personal Property.