Restatement Second of Contracts § 162
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- A misrepresentation is fraudulent if the maker intends his assertion to induce a party to manifest his assent and the maker
- knows or believes that the assertion is not in accord with the facts, or
- does not have the confidence that he states or implies in the truth of the assertion, or
- knows that he does not have the basis that he states or implies for the assertion.
- A misrepresentation is material if it would be likely to induce a reasonable person to manifest his assent, or if the maker knows that it would be likely to induce the recipient to do so.