Week 6 - Remedies for Misrepresentation Flashcards
1
Q
What remedy is available for all three types of misrepresentation?
A
Rescission
2
Q
Define rescission
A
Equitable remedy designed to restore parties to pre-contractual position
3
Q
When may a parties right to rescind be lost?
A
- contract is affirmed
- impossible to restore to pre-contractual position
- third party has acquired rights
4
Q
What remedy can we get if rescission is not possible?
A
Damages (money)
5
Q
How are damages calculated for fraudulent misrepresentation?
A
As in the tort of deceit
6
Q
How are damages calculated for negligent misrepresentation?
A
On a tort basis
