Wednesday, July 8, 2020

FRAUD (Meaning & Definition)

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FRAUD (Meaning & Definition)

FRAUD (Meaning & Definition) Section 17 of the Indian Contract Act, 1872 explains and defines the term “Fraud”.

In law, the term “Fraud”, means and includes any of the following acts that are committed by a party to a contract, or with his connivance, or by his agent with an intention to deceive the other party or his agent, or to induce the other party to enter into a contract:-

(1) the suggestion, as a fact, of that which is not true or right, by one who does not believe it to be true or right

(2) the active concealment of a fact by one having some knowledge or a belief of the particular fact

(3) a promise made without nay intent to perform it or bring it into action

(4) any other act which amounts to deceiving the other person

(5) any act or omission which is declared by the law as fraudulent.

Explanation of this section-

A mere silence as to the facts likely to affect the willingness of a person to enter into a contract cannot be termed as fraud, unless and until, the circumstances of the case are such that, regard being had to them, it is the duty of that person who keeps a silence to speak, or unless his silence, is, in itself equivalent to a speech.

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