Concealment

Business, Legal & Accounting Glossary

Definition: Concealment




What is the dictionary definition of Concealment?

Dictionary Definition


n. fraudulent failure to reveal information which someone knows and is aware that in good faith he/she should communicate to another. Examples include failure to disclose defects in goods sold (the horse has been sick, the car has been in an accident), leaving out significant liabilities in a credit application, or omitting assets from a bankruptcy schedule to keep them from being available for distribution to creditors. Such concealment at a minimum can be a cause for rescission (cancellation) of a contract by the misled party or basis for a civil lawsuit for fraud.


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Concealment. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. September 25, 2021 https://payrollheaven.com/define/concealment/.
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Concealment. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/concealment/ (accessed: September 25, 2021).
American Psychological Association (APA):
Concealment. PayrollHeaven.com. Retrieved September 25, 2021, from PayrollHeaven.com website: https://payrollheaven.com/define/concealment/

Definition Sources


Definitions for Concealment are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 27th April, 2020 | 2 Views.