BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -The active concealment of a fact by one having knowledge or belief of the fact. A promise made without any intention of performing it. Any other act fitted to deceive. Any such act or omission as the law specially declares to be fraudulent.

Detailed explanation-2: -Under section 17 of the Indian Contract Act, 1872, fraud is defined as any act committed by a party to a contract, or with his connivance (willingness to allow), or by his agents, with the intention to deceive or trick the other party, his agent, or to induce him to enter into the contract.

Detailed explanation-3: -“Fraud” is any activity that relies on deception in order to achieve a gain. Fraud becomes a crime when it is a “knowing misrepresentation of the truth or concealment of a material fact to induce another to act to his or her detriment” (Black’s Law Dictionary).

Detailed explanation-4: -Fraud is defined as the intentional false representation or concealment of a material fact for the purpose of inducing another to act upon it to his or her injury (as defined by the American Institute of Certified Public Accountants).

Detailed explanation-5: -A sells a horse to B, his daughter by auction, who has just come of age. Here the relationship between the parties would make it the duty of A to disclose that the horse is unsound. If he does not disclose so, it would amount to fraud.