General Machinery Corp. v. Best Supply Co.

Townsend, Judge.

Code § 20-906 provides: “A contract may be rescinded at the instance of the party defrauded; but in order to rescind he must promptly, upon discovery of the fraud, restore or offer to restore to the other other whatever he has received by virtue of the contract, if it be of any value.” The elements necessary to1 be shown in such an action are that the representations of the vendor were material and knowingly false; that they were made for the purpose of inducing the purchaser to enter into the contract; that he relied upon the false misrepresentations and was thereby induced…