Rescission contract remedy
The remedy – called rescission – created a method to apply fairness to the insurance contract and allow an insurer to void a contract and allowed courts to refuse to enforce such a contract entered into by misrepresentation or concealment of material facts. Elements for the Remedy of Rescission Existence of fraud, mutual mistake, false representations, impossibility of performance, Suit for rescission – equitable remedy totally abrogating a contract and placing the parties in Where a contract has been partially performed under equitable Rescission is an equitable remedy and will not be available if one of the bars to rescission is present (such as affirmation of the contract or lapse of time).