What are the elements of an actual fraud?

" 'The elements of actual fraud, whether as the basis of the remedy in contract or tort, may be stated as follows: There must be (1) a false representation or concealment of a material fact ... susceptible of knowledge, (2) made with knowledge of its falsity or without sufficient knowledge on the subject to warrant such a representation, (3) with the intent to induce the person to whom it is made to act upon it; and such person must (4) act in reliance upon the representation (5) to his damage.' [Citation.]" (Reed v. King (1983) 145 Cal.App.3d 261, 264, 193 Cal.Rptr. 130, italics omitted.)