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Rescission is an equitable remedy and where available makes the contract voidable. There are number of conditions attached to the award of rescission.
which of the following is a condition that must be met for an award of rescission to be made?
1. The innocent party, only, must be able to be restored to their pre-contract position.
2. Rescission must take place after the contact is affirmed.
3.Innocent third parties must not have acquired rights under the subject matter of contract.I know the first one is not correct. but I could not understand 2nd and 3rd point. how is 3rd point correct ?
If you have affirmed the contract (affirmed = confirmed) then you can’t later ask for it to be set aside – why? Because you’ve confirmed it!
But if you’re induced into a partnership contract by misrepresentation and the partnership converts to a limited company and then you try to rescind – that’s not going to happen because you are adversely affecting the rights of others
Rescission is only available where you CAN be restored to your original pre-contractual position
sir I got bit confused in specific performance and rescission. specific performance says just do it. do your contractual obligations.
Rescission means restoring pre-contractual position. here also, we have to carry our contractual obligation.
so I could not spot main differences between these two
“Rescission means restoring pre-contractual position”
Rescission means “Undo it”
Specific performance means “Do it”
Injunction means “Stop it”
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