What is the basis for voiding a contract due to fraud?

The basis for voiding a contract due to fraud lies in the deceitful acquisition of consent. When one party intentionally misrepresents information or conceals material facts, it undermines the nature of the agreement. This fraudulent behavior leads the other party to enter into the contract based on false premises, which means their consent was not genuine or informed. As a result, the affected party may have the right to void the contract since they were misled into agreeing to terms based on deceitful information.

The other options do not pertain to the issue of fraud specifically. Insufficient paperwork and lack of witnesses may affect the validity or enforceability of a contract, but they do not address the aspect of deceptive practices in the negotiation process. Verbal agreements can be valid under certain circumstances, but they do not intrinsically lead to contract voidance due to fraud unless some deception is involved in that agreement.