Falsify refers to the act of intentionally altering or distorting true information, statements, representations, or acts to deceive others, commonly seen in unauthorized alterations of documents like contracts.
Intentional deception resulting in injury to another. Fraud usually consists of a misrepresentation, concealment, or nondisclosure of a material fact, or at least misleading conduct, devices, or contrivance.
An incontestable clause is a provision within a life insurance policy that prevents the insurer from voiding the policy after a specified period, usually two years, due to misrepresentation or concealment by the insured.
A latent defect is a defect that is hidden from knowledge as well as from sight and one that would not be discovered even by the exercise of ordinary and reasonable care. One who sells a house with knowledge of a latent defect must disclose the defect to the buyer or the buyer may later claim misrepresentation.
Loan fraud involves intentionally providing false information on a loan application to qualify for a loan. This can lead to civil liability or criminal penalties.
Misrepresentation refers to an untrue statement, whether unintentional or deliberate. It can involve nondisclosure where there is a duty to disclose or the deliberate creation of a false appearance. When there is misrepresentation of material fact, the injured party may sue for damages or rescind the contract.
A provision in an insurance policy that precludes the insurer from disputing the validity of the policy on the basis of fraud or mistake after a specified period, typically two years.
Puffing refers to the practice of overstating the qualities or characteristics of a property, often utilized by salespersons to enhance a property's attractiveness. While puffing is commonplace in advertising, it can sometimes lead to legal issues if deemed misrepresentation.
Rescinding a contract entails the cancellation or annulment of the agreement, returning both parties to their pre-contractual status. The Truth in Lending Act provides a 'Right of Rescission' which allows signers to nullify the contract within a specified period.
