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Legal Terms - Fraud
The act of dishonestly creating a false (untrue or misleading) representation with the intention of causing loss or gaining an advantage. The Fraud Act 2006, which was enacted on 15 January 2007, established a general offense of fraud that supplanted the deception offenses established under the Theft Acts of 1968 and 1978. The Act establishes three distinct methods of committing fraud: fraud by false representation (s2), fraud by neglecting to disclose information (s3), and fraud by abuse of position (s4). The offense is punishable by a maximum of ten years' imprisonment, a fine, or both on indictment. On summary conviction, it is punishable by a term not exceeding six months' imprisonment, a fine not exceeding the statutory maximum, or both. If the deceived party sustains an injury as a consequence of the deception, they may pursue damages for the tort of deceit. Fraudulent misrepresentation renders a contract voidable. Additionally, constructive fraud is discussed. See cheating, conspiracy, cybercrime, defrauding, dishonesty, false pretense, and forgery in relation to crime.
The act of dishonestly creating a false (untrue or misleading) representation with the intention of causing loss or gaining an advantage. The Fraud Act 2006, which was enacted on 15 January 2007, established a general offense of fraud that supplanted the deception offenses established under the Theft Acts of 1968 and 1978. The Act establishes three distinct methods of committing fraud: fraud by false representation (s2), fraud by neglecting to disclose information (s3), and fraud by abuse of position (s4). The offense is punishable by a maximum of ten years' imprisonment, a fine, or both on indictment. On summary conviction, it is punishable by a term not exceeding six months' imprisonment, a fine not exceeding the statutory maximum, or both. If the deceived party sustains an injury as a consequence of the deception, they may pursue damages for the tort of deceit. Fraudulent misrepresentation renders a contract voidable. Additionally, constructive fraud is discussed. See cheating, conspiracy, cybercrime, defrauding, dishonesty, false pretense, and forgery in relation to crime.
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