Tristate Development & Construction, Inc. v. Tau Kyu Kim

By Judge Kathleen H. MacKay

Under Virginia law, the equitable remedy of rescission is not permitted for the mere breach of a contract. Some jurisdictions permit rescission for a breach of the contract. 17 Am. Jur. 2d, § 554, p. 525 (2004). Rescission is a permissible remedy when a party alleges and proves a failure of consideration. Andrews v. Sams, 233 Va. 55, 59, 353 S.E.2d 735 (1987); Bolling v. King Coal Theatres, 185 Va. 991, 997, 41 S.E.2d 59 (1947); Neely v. White, 177 Va. 358, 366-67, 14 S.E.2d 337 (1941); Southeast Lumber Co. v. Friend, 158 Va. 863, 869, 164 S.E. 372 (1932).

Defendant/C…