The two main remedies for misrepresentation are rescission and damages. The innocent party makes a decision as to which is appropriate. This is now a genuine choice and is not dependent on the type of misrepresentation, although in cases of innocent misrepresentation, the most common (and appropriate) remedy will be rescission.
Rescission is an equitable remedy, which sets the contract aside and puts the parties back in the position they were in before the contract was made.
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