A material fact is a fact that a reasonable person would recognize as relevant to a decision to be made, as distinguished from an insignificant, trivial, or unimportant detail. In other words, it is a fact, the suppression of which would reasonably result in a different decision.[1][2]
Falsification of a material fact that would cause a party to a contract to refrain from entering into the contract may be grounds for rescission. For example, misrepresentation of a material fact on an application for insurance may give an insurance company grounds to rescind an insurance policy.[3]
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Material fact Meaning
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References
- ^ "Material". Wex. Cornell Law School. Retrieved 23 May 2017.
- ^ "Materiality". Wex. Cornell Law School. Retrieved 15 October 2021.
- ^ "The Equitable Remedy of Rescission: A Tool to Defeat Fraud". 2015-04-21. Retrieved 2017-05-23.
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This page was last edited on 30 June 2023, at 01:30