Blacks Law Dictionary Abrigded Sixth Edition, 1991 states

Actionable fraud. 

Deception practiced in order to induce another to part with property or surrender some legal right. A false representation made with intention to deceive; such may be committed by stating what is known to be false or by professing knowledge of the truth of a statement which is false, but in either case, the essential ingredient is a falsehood uttered with intent to deceive. To constitute "actionable fraud," it must appear that defendant made a material representation; that it was false; that when he made it he knew it it was false, or made it recklessly without any knowledge of its truth and as a positive assertion; that he made it with intention that it should be acted on by plaintiff; that plaintiff thereby suffered injury. Essential elements are representation, falsity, scienter, deception, reliance, and injury.