It is unlawful for any person in connection with the offer, sale or purchase of any franchise directly or indirectly:
(1) To sell or offer to sell a franchise in this state by means of any written or oral communication which includes an untrue statement of a material fact.
(2) To employ any device, scheme or artifice to defraud.
(3) To engage in any act, practice or course of business which operates or would operate as a fraud or deceit upon any person. [1987 c.917 §10]