Material Fact Law and Legal Definition
Material fact is a fact that is important, significant or essential to a reasonable person in deciding whether to engage or not to engage in a particular transaction, issue or matter at hand. It is a fact that is significant or essential to the issue or matter at hand. The term material fact is also used to distinguish the unimportant or trivial detail.
"Material" means that the subject matter of the statement or concealment related to a fact or circumstance which would be significant to the decision to be made as distinguished from an insignificant, trivial or unimportant detail. For example: In an insurance fraud, it is material that an assertion or concealment must relate to a fact or circumstance that would affect the liability of an insurer, or would affect the decision to issue the policy, or the amount of coverage or the premium for the policy.
Legal Definition list
Related Legal Terms
- Accessory After the Fact
- Accessory Before The Fact
- Accord and Satisfaction
- Account Receivable Factoring
- Acquittal in Fact
- Actio in Factum
- Actus Me Invite Factus Non Est Meus Actus
- Ad Quaestiones Facti Non Respondent Judices; Ad Quaestione Legis Non Respondent Juratores
- Ademption by Satisfaction
- Adjudicative Fact