Defendant purchased an automobile from the plaintiff's assignor. While the car was in defendant's possession and prior to the start of the suit, the car was stolen from him and was later discovered in a wrecked condition. In a suit by plaintiff for the purchase price defendant sought to rescind for fraud, tendering the wrecked automobile. The contract contained a stipulation to the effect that the risk of loss or injury from any cause whatsoever was to be on defendant. Held, that defendant was not entitled to rescind because plaintiff could not be placed in status quo. American Exchange Bank v. Smith, (Wash. 1933) 23 Pac. (2d) 414.
CONTRACTS - RESCISSION FOR FRAUD - NECESSITY OF RESTITUTION,
Mich. L. Rev.
Available at: https://repository.law.umich.edu/mlr/vol32/iss4/14