Question

A deceptive act or practice committed by a person with the intent to secure an unfair advantage or unlawful gain is known as_________. (Choose from the following options)

1. Misrepresentation.
2. Fraud.
3. Transacting without a license.
4. Misinformation.

Answer 1

Fraud is a deceptive act or practice committed with the intent to secure an unfair advantage or unlawful gain. It involves intentionally misleading others and is often done to obtain money, property, or services dishonestly. The correct option is (2).

Step-by-step explanation:

Fraud

A deceptive act or practice committed by a person with the intent to secure an unfair advantage or unlawful gain is known as fraud.

It involves intentionally misleading others and is often done to obtain money, property, or services dishonestly. Identity theft and misrepresentation are examples of fraudulent activities.

Examples of fraud:

1. Identity theft: This occurs when someone wrongfully acquires and uses another person's personal information without their permission, such as social security numbers or passwords, to steal their identity.
2. Misrepresentation: This refers to distorting the truth or data to deceive others. For instance, providing false information on a resume or exaggerating the benefits of a product.