Section 1709 states the tort of deceit in one sentence: one who willfully deceives another, with intent to induce him to alter his position to his injury or risk, is liable for any damage which he thereby suffers. Its importance is where it sits. Unlike § 1572, which defines actual fraud as something done by a party to a contract, this section is a tort under the heading of obligations arising without contract — so it reaches the person who was never a party to any agreement with you at all: the agent, the inspector, the introducer, the friend of the seller.
Every phrase is an element. "Willfully deceives" excludes an honest mistake. "With intent to induce him to alter his position" ties the deceit to the purpose of getting you to act. "To his injury or risk" is broader than it looks — the intent may be to expose you to risk, not only to certain loss. And "any damage which he thereby suffers" makes causation part of the claim: the loss must flow from the altered position, which is the requirement usually described as reliance.
The section is short because the substance is next door. Section 1710 defines what a deceit is — the four kinds, including suppression of a fact by one bound to disclose it, and a promise made without any intention of performing. Section 3343 supplies the measure of damages where the deceit concerned the purchase, sale or exchange of property. Whether particular conduct was willful rather than careless, and whether you altered your position because of it, are evidential questions to take to a lawyer.