material fact

Also found in: Financial

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material fact

[mətir′ē·əl]

Etymology: L, materia, matter, factum

1 (in law) a fact that establishes or refutes an element essential to the complaint, charge, or defense. The presence of a material fact in a case being tried precludes granting of a summary judgment.

2 a fact that would be important to a reasonable person in deciding whether to engage in a transaction or not.

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