Final answer:
The incorrect statement about fraud is C, as fraud doesn't require damages to exceed a monetary threshold like $150,000; it is defined by intent to deceive and cause harm.
Step-by-step explanation:
Its damages must exceed a threshold of $150,000. Fraud involves an intentional misrepresentation of facts, designed to deceive and cause harm or injury to another party. The definition of fraud does not include any specific monetary threshold that must be exceeded for an act to be considered fraudulent.
Depending on the jurisdiction and the specifics of the law being applied, the severity and penalties for fraud can vary significantly, and it often includes acts that cause significant non-monetary harm. For instance, fraud can entail deception about the quality of a product, financial information, or one's identity. The impact of fraud is not solely evaluated based on a monetary value like $150,000; even relatively small amounts of financial deceit or incidents resulting in non-monetary harm can still qualify as fraud. The essence of fraud lies in the deception and intention behind the act, not necessarily the quantifiable financial damage.