Term of the Day fraud 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 firms 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. Read more: businessdictionary/definition/fraud.html#ixzz3HTVllGzw Learn more about this term Usage Example I immediately called my bank to report fraud after I noticed purchases on my credit card statement that I did not make
Posted on: Tue, 28 Oct 2014 20:51:01 +0000
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