Fraud

Fraud

Business fraud is, very simply, fraud in any business activity that resorts to deceitful practices to cause economic injury. Business fraud and consumer fraud are very closely related. The legal definition of consumer fraud is as follows:

“Consumer fraud occurs when, in the context of a business transaction, false statements of fact are made, the person making false statements knew that the statements were false when they were made, and that the other party in the transaction relied on the false statements to their detriment.”

The elements of business fraud are:

  • False representation of fact
  • Made by another
  • Knowledge that the representation was false when it was made
  • An intention to get or induce the plaintiff to act or refrain from acting in reliance on the representation
  • Damage occurred to the plaintiff as a result of the reliance

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