fraud
Definition
Act or course of deception, an intentional concealment, omission, or perversion of truth, to (1) gain unlawful or unfair advantage, (2) induce another to part with some valuable item or surrender a legal right, or (3) inflict injury in some manner. Willful fraud is a criminal offense which calls for severe penalties, and its prosecution and punishment (like that of a murder) is not bound by the statute of limitations. However incompetence or negligence in managing a business or even a reckless waste of firm's assets (by speculating on the stockmarket, for example) does not normally constitute a fraud. In such cases, the aggrieved party (creditors or stockholders/shareholders) must prove that at some point they were intentionally deceived on a material fact. See also statute of frauds.
fraud is in the Corporate, Commercial, & General Law subject.
fraud appears in the definitions of the following terms:
white collar crime,
internal control,
front end loading,
organized crime,
disqualification order,
parol evidence rule,
network marketing,
internal audit,
involuntary payment,
massaging the figures
and
fraud appears in the other terms:
securities fraud,
fraudulent trading,
badge of fraud,
statute of frauds,
fraudulent bill of lading (B/L),
constructive fraud,
fraudulent claim,
fraudulent misrepresentation,
equitable fraud,
fraudulent conveyance
and
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