This section is from the book "The Law Of Contracts", by William Herbert Page. Also available from Amazon: Commercial Contracts: A Practical Guide to Deals, Contracts, Agreements and Promises.
If on the other hand the party to whom the false statement is made reads the instrument, no fraud exists,1 as he has full knowledge of all material facts.2 So if the party alleging fraud is advised of such facts as should put him especially upon inquiry, as where he knows that an assignment has been prepared by the assignee and forwarded to the latter's attorneys,3 he can not allege fraud if he omits to read the instrument. If the written instrument is read correctly, the fact that an erroneous explanation of its legal effect and construction is also given does not amount to fraud in the execution.4
This principle has been applied where the defrauded party reads a receipt which acknowledges the receipt of a correct copy of the contract.5 His act in reading such receipt and in signing it is held to preclude him from attacking the contract for fraud, even though he has never read it.6