Materiality Law and Legal Definition

Materiality means that which is important or which is not merely of form but of substance. Materiality is the measure of the estimated effect that the presence or absence of an item of information may have on the accuracy or validity of a statement. Materiality is evaluated in terms of its inherent nature, impact or influence value, use value, and the circumstances or context in which it occurs. For example, when a bill for discovery has been filed, the defendant is liable to answer every material fact which is charged in the bill.