A material representation refers to a significant statement, assertion, or fact that is considered essential in influencing someone’s decision-making process or inducing them to enter into a contract or agreement. In various legal contexts, such as contracts, negotiations, or disclosures, material representations are those that are deemed crucial enough to affect the outcome or understanding of a transaction. Materiality is determined based on whether the representation would likely influence a reasonable person’s decision, and its misrepresentation or omission could lead to legal consequences such as contract nullification, fraud claims, or other remedies. Therefore, accurate and complete disclosure of material representations is often required to ensure transparency and fairness in dealings between parties.
n. a convincing statement made to induce someone to enter into a contract to which the person would not have agreed without that assertion. Thus, if the material representation proves not to be true or to be misleading, the contract can be rescinded or cancelled without liability.
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This glossary post was last updated: 29th March, 2024.
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