Fraud is an important consideration in the area of legal contracts because of the fact that if fraud is present in the formation of a contract, the contract can, and mostly will, be invalidated. To establish contract fraud, it must be established that the party committing the fraud knowingly misrepresented a material fact with the intent to defraud and that the opposing party justifiably relied upon such misrepresentation (Blair, 2009). In order for the fraud to affect the contract the effected party must have suffered injury. Without injury the contract will not be affected. In the legal sense, a misrepresentation of a material fact usually means that a party lied about a term of the contract that was essential in the decision making process that resulted in the contract being formed. It is important to distinguish between what constitutes a lie in the formation of a contract and what constitutes what is ordinarily considered mere "puffing." In the negotiation of nearly every contract there are statements made that are opinions and not facts that are used to induce...
Such statements do not constitute fraud. In order to constitute fraud the statement must be clearly factual and rise to the level of being a discernible lie, however, silence can constitute a fraudulent act when a party fails to disclose a hidden defect of which he is aware. To be considered material a fact must be likely to play a significant role in inducing a reasonable person to enter a contract or if the person asserting the fact knows that the other person is likely to rely on the fact.
Fraud Techniques In the modern society, many organizations across various industries are increasingly vulnerable to electronic fraud. The threat of electronic fraud across these industries is particularly worsened with the emergence of computer fraud. Actually, computer fraud and crime has continued to be a major concern in the recent past since computer processing can evade the conventional security and control measures. However, computer fraud doesn't necessarily involve the use of micro-computers
IT Fraud Evaluate the factors that add to corporate fraud The business fraud can be credited to conditions emerging from deceptive monetary reporting and misappropriation of possessions. These conditions are 3 and all 3 features of the fraud triangle have to exist for fraud to take place. Management or staff members have to have the reward or pressure to dedicate fraud, see the opportunity emerge and have the ability to justify the
EU's Current Anti-Fraud Strategy For some time now, the issue of fraud and corruption in public service has been an issue of concern. This has forced many organizations to establish strategies aimed at detecting and minimizing the occurrence of such fraudulent activities in areas under their jurisdiction. This paper discusses the strategic management concepts in the risk-based policing strategy coupled with the principles and importance involved in the enhancement of organisational
Mortgage Fraud If a rash of armed bank robberies swept across America next year, and if in these robberies criminals absconded with $30 billion dollars, one may be certain that a public panic would ensue. The banking system would likely be changed forever. If thousands of armed thugs went rampaging across the nation forcing people out of their homes, into the streets, and then destroying the properties, leaving the occupants homeless
However, the woman will have to get the promise in writing. Furthermore, the woman's remedy would not be to force the man to marry her, but to receive compensation for the monetary damages that she suffered as a result of the move. While the English Act for the Prevention of Frauds and Perjuries covered the type of agreement just described, it also covered other types of promises made in contemplation
Statute of Limitations for Fraud This refers to the maximum time legal action may be brought against someone for the commission of a fraud. This Statute depends on the jurisdiction. Most federal crimes in general have up to 5 years to prosecute. Capital offenses, however, have no Statutes of limitation. Federal frauds carry 10 years Statutes of limitation. These include frauds committed against banks and financial institutions and involving passports or citizenship.
Our semester plans gives you unlimited, unrestricted access to our entire library of resources —writing tools, guides, example essays, tutorials, class notes, and more.
Get Started Now