Elements: misstatement of fact (which can come in the form of a false affirmative statement, active concealment, omissions of fact/failure to disclose), scienter/malice (statement was made knowing it was false or with reckless disregard for the truth. In biz setting, negligence sufficient to meet this element), intent to induce reliance, there was justifiable reliance on part of P (RP standard), causation, damages