What is the definition of Fraud?

The definition of fraud is centered around the notion of intentionality and deception for personal gain. To say that fraud involves intentionally misrepresenting or concealing facts captures the essence of fraudulent behavior, as it highlights the deliberate nature of the actions taken by the individual engaging in fraud. This is fundamental because fraud is considered a criminal act, and the intention to deceive is a critical component that distinguishes it from mere errors or misstatements.

In contrast, unintentional actions, like accidentally misrepresenting facts, do not meet the threshold for fraud, as they lack the crucial element of intent. Similarly, while underreporting income for tax benefits may carry legal implications, it specifically pertains to tax evasion rather than a broader definition of fraud. Providing false information about a product can indeed be a form of fraud, but it is a subset that does not encompass the full scope of fraudulent activities. Thus, the comprehensive and intentional nature of the actions described in the correct answer aligns directly with the legal and ethical understanding of fraud.