Question: Fraud involves the intentional misstatement of a material fact. Such a statement is made (1) knowingly, (2) for the purpose of inducing the other party

Fraud involves the intentional misstatement of a material fact. Such a statement is made (1) knowingly, (2) for the purpose of inducing the other party to act, (3) the other party acts based on the misstatement, and (4) the other party is harmed in reliance on the misstatement.

1. Create an example of a fraudulent transaction ensuring that it meets all of these elements.

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