material fact

{{Short description|A fact, the suppression of which would reasonably result in a different decision}}

A material fact is a fact that a reasonable person would recognize as relevant to a decision to be made, as distinguished from an insignificant, trivial, or unimportant detail. In other words, it is a fact, the suppression of which would reasonably result in a different decision.{{cite web|title=Material|url=https://www.law.cornell.edu/wex/material|website=Wex|publisher=Cornell Law School|accessdate=23 May 2017}}{{cite web |title=Materiality |url=https://www.law.cornell.edu/wex/materiality |website=Wex |publisher=Cornell Law School |access-date=15 October 2021}}

Falsification of a material fact that would cause a party to a contract to refrain from entering into the contract may be grounds for rescission. For example, misrepresentation of a material fact on an application for insurance may give an insurance company grounds to rescind an insurance policy.{{cite web|url=https://www.lexisnexis.com/legalnewsroom/insurance/b/insurancelaw/archive/2015/04/21/the-equitable-remedy-of-rescission-a-tool-to-defeat-fraud.aspx |title=The Equitable Remedy of Rescission: A Tool to Defeat Fraud |date=2015-04-21 |accessdate=2017-05-23}}