Final answer:
The statement is true; a material fact is one that would be considered important by a reasonable person when deciding on a course of action. Facts are statements supported by evidence and data, and material facts are especially significant in legal and contractual contexts.
Step-by-step explanation:
A material fact is indeed a fact that a reasonable person would consider important when determining his or her course of action. Therefore, the statement is True. A material fact must be true, and a person must claim to know it and it be true not by accident or coincidence but because there is evidence to support it and enough to warrant or justify the claim to know. In legal terms, a material fact has the power to influence a decision in contracts, insurance, property, and various other legal contexts.
A fact is a statement that can be verified by compelling evidence and is built on evidence and data. Generally, something is considered a fact when there is compelling evidence that an event has happened or a condition exists. Distinguishing a fact from opinion is critical, especially in contexts that require analytical reports, where information must be presented based on facts that can be proven or whose truth can be inferred.