Definition from Nolo’s Plain-English Law Dictionary
1) Relevant and significant information -- for example, material evidence as distinguished from evidence of minor importance. 2) An essential contractual condition -- for example, a material provision -- which, if not performed is justification for the other party to claim breach of contract and seek remedies. 3) A type of representation made to induce someone to enter into a contract to which the person would not have agreed without that assertion. If a material representation proves not to be true, the contract can be rescinded or canceled without liability.