BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Correct representation of fact.
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Actual loss must be suffered by the innocent party.
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Party making the misrepresentation must know that it is false.
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Intent to deceive
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Reasonable reliance by the innocent party.
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Detailed explanation-1: -The fraud triangle outlines the three conditions that lead to higher instances of occupational fraud: motivation, opportunity, and rationalization.
Detailed explanation-2: -Fraudulent misrepresentation is a civil action arising under contract law. It involves a misrepresentation, false statement of fact, and/or omission that causes the victim to enter into a contract and incur damages.
Detailed explanation-3: -Proving that fraud has taken place requires the perpetrator to have committed specific acts. First, the perpetrator has to provide a false statement as a material fact. Second, the perpetrator had to have known that the statement was untrue. Third, the perpetrator had to have intended to deceive the victim.