Lecture notes
Rescission - Equity and Trusts
- Module
- Equity And Trusts (LAW211)
- Institution
- The University Of Liverpool (UoL)
Lecture notes on Rescission in Equity and Trusts describing the remedy.
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
Seller
Follow
Content preview
Remedy 7- RescissionRescission basically refers to setting aside an agreement (typically a contract) as if it
had never existed. (Johnson v Agnew [1980] AC 367)
Typically applies where there has been:
1. Mistake - Johnson v Agnew [1980] AC367; Pitt v Holt [2013] UKSC 26; Great
Peace Shipping Ltd v Tsavliris Salvage (International) Ltd [2003] QB 679; Futter v
Revenue Commissioners [2013] UKSC 26
2. Misrepresentation- s.2(2) of the Misrepresentation Act 1967
3. Undue Influence- actual , presumed (Simpson v Simpson [1992] 1 FLR 601;
Mahoney v Purnell [1996] 3 All ER 61) and from a 3rd party (Royal Bank of Scotland v
Etridge ( no.2) [2001] 4 All ER 449, Consumer Credit Act 2006).
Contracts made in the course of a breach of fiduciary duty will also be liable to
rescission i.e. the self-dealing rule- Tito v Waddell ( No.2) [1977] Ch 106
Bars to Rescission:
1. It has to be practically possible- Cheese v Thomas [1994] 1 All ER 35
2. Cannot rescind a contract if the claimant has affirmed it- Long v Lloyd [1958] 2
All ER 402.
3. Third parties have acquired rights – Bona fide purchase for value without
notice (BFPFVWN aka equity’s darling’)
4. Delay (laches)- Leaf v International Galleries [1950] 2 KB 86
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller cooperskye. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £8.39. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
83225 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now