Final answer:
A material fact is a true statement that can be proven correct or accurate and is built on evidence and data. It informs and shapes knowledge on a topic and has useful consequences.
Step-by-step explanation:
A material fact, for purposes of disclosure, is best described as one that involves information that is true and can be proven correct or accurate. It is a statement of fact that is built on evidence and data. Material facts are important because they inform and shape the scope of knowledge on a topic and have useful consequences for those concerned.