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SAS 99 defines fraud as an intentional act that results in a material misstatement in financial statements. There are two types of fraud considered: misstatements arising from fraudulent financial reporting (e.g. falsification of accounting records) and misstatements arising from misappropriation of assets (e.g. theft of assets or fraudulent expenditures).
S v Friedman [1] is an important case in South African law. It was heard in the Witwatersrand Local Division by Cloete J from 9 to 13 October 1995, with judgment handed down on 16 October. AO Cook and DN Unterhalter appeared for the accused, and ZH de Beer and H. Louw for the state. The case is especially significant for South African criminal law.
The court found that the Afrikaans term nalatige wanvoorstelling, a translation of "negligent misrepresentation," does not reflect, in connection with negligent misrepresentation as a delictual ground of action, the essential problem in South African law; it created instead the impression of a representation in a contractual context. In a ...
Fraud in the factum is a type of fraud where misrepresentation causes one to enter a transaction without accurately realizing the risks, duties, or obligations incurred. [1] This can be when the maker or drawer of a negotiable instrument , such as a promissory note or check , is induced to sign the instrument without a reasonable opportunity to ...
To be unlawful or wrongful, the statement which constitutes a positive misrepresentation must be wholly false, or at least inaccurate. Whether a statement is false or inaccurate will, in the final analysis, have to be judged according to the convictions of the community. This is the general criterion for establishing wrongfulness.
Standard Bank of South Africa Ltd v OK Bazaars (1929) Ltd [1] is an important case in the South African law of delict, particularly the area of negligent misstatement. It was heard in the Witwatersrand Local Division by André Gautschi AJ from 8–16 February 2000, with judgment handed down on 17 March.
In common law jurisdictions, a misrepresentation is a false or misleading [1] statement of fact made during negotiations by one party to another, the statement then inducing that other party to enter into a contract. [2] [3] The misled party may normally rescind the contract, and sometimes may be awarded damages as well (or instead of rescission).
Under common law, false pretense is defined as a representation of a present or past fact, which the thief knows to be false, and which he intends will and does cause the victim to pass title of his property. That is, false pretense is the acquisition of title from a victim by fraud or misrepresentation of a material past or present fact.