754. Significance of fraudulent misrepresentation.

Although innocent misrepresentation1 constitutes a ground for the rescission2 of a contract or other binding transaction into which the representee3 has been induced to enter by the misrepresentation, and a defence in any proceedings brought against him to enforce the contract or transaction, a person complaining of having been misled by a misrepresentation to his injury cannot recover damages4 from the representor5 in respect of the injury suffered unless he can show that: (1) the representation was not only false but fraudulent