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Proprietary remedies following rescission and rectification
Published by a LexisNexis Dispute Resolution expert
Practice notesProprietary remedies following rescission and rectification
Published by a LexisNexis Dispute Resolution expert
Practice notesThis Practice Note considers the Availability of proprietary remedies following Rescission and Rectification. Where a contract (or gift) has been rescinded or a contract has been rectified, this may leave one of the parties in the position where they have suffered some Loss as a result of the rescission or rectification.
For example, where a contract is rescinded the aim is to put the parties back into the position that they would have been as if the contract had never been made and yet, prior to the rescission property may have transferred from one party to the other or another. It is in this way that a claim in restitution may be available to provide some form of remedy.
What is rescission?
Rescission is an equitable remedy which aims to put parties back in the position that they would have been in prior to a contract being made or a gift being extended.
Under the common law, rescission is only possible if it is possible to put the transferring party back in its original position,
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