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Fraud

Fraud. Sec.17 & 18. Sec.17: “Fraud means & includes any of the follow. Acts committed by a party to a contract (or with his connivance or by his agent) With intent to deceive another party Thereto or his agent, or to induce him to enter into the contract” –

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Fraud

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  1. Fraud Sec.17 & 18

  2. Sec.17: • “Fraud means & includes any of the follow. • Acts committed by a party to a contract • (or with his connivance or by his agent) • With intent to deceive another party • Thereto or his agent, or to induce him • to enter into the contract” – • The suggestion as a fact,of that which is • not true,by one who does not believe • It to be true

  3. ii) The active concealment of a fact by one having knowledge or belief of the fact iii) A promise made without the intention of performing it iv) Any other act fitted to deceive v) Any such act or omission as the law Specially declares to be fraudulent.

  4. Acts which constitutes Fraud: • False statement of a fact1 • Active concealment of a fact2 • A promise made w/o the intention of • performing it3 • iv) Any other act fitted to deceive4 • v) Any other act or omission as the law • Specially declares to be fraudulent5

  5. Essential elements of Fraud: • A representation or assertion,& it must be false6 • The representation or assertion must be of a fact7 • The representation or statement must have been made with knowledge of its falsity or w/o belief in its truth or recklessly8

  6. The representation must have been made with the intention of inducing the other party to act upon it • The representation must in fact deceive9 • The party subjected to fraud must have suffered some loss

  7. Consequences of Fraud: • He can avoid the performance of the contract • He can insist that the contract shall be performed & that he shall be put in the position in which he would have been if the representation made had been true10 • He can sue for damages

  8. Exceptions i.e.where the contract is not voidable • When the party whose consent was caused by misrepresentation or fraud had the means of discovering the truth with ordinary diligence • Where a party,after becoming aware of the misrepresentation or fraud takes a benefit under the contract or in some other way affirm it

  9. Silence as Fraud: • Silence as to facts likely to affect the willingness of a person to • Enter into a contract is not fraud unless,: • The circumstances of the case are such that • Regard being had to them,it is the duty of the • person keeping silence to speak. Duty: Fiduciary relation, where the contract is UBRIMAE FIDEI, obligation imposed by statute11 ii) Silence in itself is equivalent to speech12

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