(Download) "Ellen A. Copeland v. Nellie C. Reynolds" by Court of Appeals of New York # eBook PDF Kindle ePub Free

eBook details

Title: Ellen A. Copeland v. Nellie C. Reynolds
Author : Court of Appeals of New York
Release Date : January 03, 1933
Genre: Law,Books,Professional & Technical,
Pages : * pages
Size : 60 KB

Description

The parties are at issue on the purchasers claim of a rescission of the purchase on learning of the deceit. Each party argues that the judgment in the action for deceit is res adjudicata upon the issue. The purchaser takes the position that the action was predicated upon a prior election to rescind, while the seller argues that it imported an affirmance of the sale. It is not disputed that the judgment settled the purchasers right to rescind in her favor. Being defrauded, she was entitled to rescind as a right given her because of the fraud. The controversy relates to her exercise of the right. She had an election between two remedial courses and the inquiry is which one she chose and the effect of the judgment in showing what her choice was. If she rescinded, she is not liable on the note. "... on a rescission of a contract the contract is avoided ab initio, and the rights of the parties in reference to the subject matter of it are as if no contract had ever been made." Nash v. Company, 163 Mass. 574, 581.