Scienter refers to prior knowledge of operative facts, frequently signifying guilty knowledge. In pleadings, the term indicates that the alleged crime or tort was committed intentionally or with awareness of its illegality. In the context of fraud, scienter denotes the knowledge that an individual was making false representations with the intent to deceive.
Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.