Fraud in the inducement exists where the defrauded party understands the identity of the adversary party, the consideration, the subject-matter, and the terms of the contract; and he is willing to enter into the contract in question; but his willingness so to enter is caused by a fraudulent misrepresentation of the adversary party as to a material fact, or a matter of quality or characteristic which is not one of the essential elements of the contract.1 What amounts to a false representation is a question which in part involves elements which are discussed elsewhere.2 Unless a false representation is made fraud can not exist.3 If the quantity of a cargo is stated truthfully in a policy of insurance, the fact that it is understated in the bill of lading, does not avoid the policy.4 Where there is no false representation, "earnest solicitation" can not amount to fraud.5 The mere fact that a contract is an unwise or a foolish one does not establish the existence of fraud.6