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Rescission at common law (as distinct from rescission in equity) is a self-help remedy: historically, the common law courts simply gave effect to the rescinding party's unequivocal election to rescind the contract. Rescission at common law is only available for fraudulent misrepresentations and duress.
Equitable rescission; Equitable rescission gives the innocent plaintiff the right to undo or rescind a contract when the plaintiff entered the contract as a result of fraud, misrepresentation, etc., or when the contract has been breached by the other party. To restore the situation to what it was before the contract, both parties need to return ...
The contractor argued that much of the work had been done before they left the project so there was not a "total failure of contract". The contractor had been paid for more than the value of the work which was complete and the Appeal Court held that there had been "a failure of consideration" in respect of the overpaid amount. [5]
You can only exercise this right for three business days after signing your mortgage contract. The right of rescission doesn't apply to residential mortgage transactions (i.e., purchase loans).
Breach of contract is a legal cause of action and a type of civil wrong, in which a binding agreement or bargained-for exchange is not honored by one or more of the parties to the contract by non-performance or interference with the other party's performance. Breach occurs when a party to a contract fails to fulfill its obligation(s), whether ...
For instance, when damages for a breach of contract found in favour of a third party are an inadequate remedy. [10] (ii) No bars to equitable relief prevent specific performance. A bar to relief arises for example, when the court's continuous supervision of the defendant is not feasible. [11]