833. Effect of delay.

Delay, or laches, falling short of the period prescribed by the statutory provisions relating to the limitation of claims1 is not an absolute defence to a claim for rescission on the ground of misrepresentation2. The remedy of rescission is, however, an equitable one, and in cases where delay has occurred its validity as a defence will be assessed on equitable principles3 and in relation to all the circumstances of the case4. Delay may therefore be taken as evidence of affirmation of the contract by the representee5, or it may have resulted in change in the subject matter of the