Derry v. Peek (1889) 14 App. Cas. 337

"[F]raud is proved when it is shewn that a false representation has been made (1) knowingly, or (2) without belief in its truth, or (3) recklessly, careless whether it be true or false. Although I have treated the second and third as distinct cases, I think the third is but an instance of the second, for one who makes a statement under such circumstances can have no real belief in the truth of what he states. To prevent a false statement being fraudulent, there must, I think, always be an honest belief in its truth.... [I]f fraud be proved...[i]t matters not that there was no intention to cheat or injure.... [I]f I thought that a person making a false statement had shut his eyes to the facts or purposely abstained from inquiring into them, I should hold that honest belief was absent, and that he was just as fraudulent as if he had knowingly stated that which was false...." - Lord Herschell