Remedies for Misrep:It's important to identify the type of misrep in order to establish the remedy available. There are 2 possible remedies...
1. Rescsission in Equity: This is available for all types of misrep and it means putting parties back into their pre-contractual position. This is an equitable remedy and is ... discretionary. This means that there's situations where the remedy won't be available. There are 4 bars to rescission: 1. Lapse of time; 2. Affirmation; 3. Impossibility; 4. 3rd party rights.
1. Lapse of Time: A party must claim rescission asap or the remedy may not be available
CASE: "Leaf v International Galleries". In this case 5 years after buying the 'constable' painting the buyer sought rescission. HELD: Rescission wasn't available as the 5 year lapse was too long.
2.Affirmation: If a party shows by words or actions that they want to carry on a contract after discovering the misrep then there may be no right to rescission.
CASE: "Long v Lloyd". In this case a lorry was bought as the result of a misrep and it had many faults but seller carried out repairs. The lorry broke down again and buyer sought to claim rescission. HELD: No right to rescission as he accepted the goods in a less than satisfactory quality.
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