Trinity University v. McFarland

Opinion by

Walker, R. S., P. J.

§ 1309. Contract; rescission of ’;party seeking, must act promptly; acquiescence will bar right to rescind. “A court of equity will not rescind a contract unless fraud appear, or there has been a plain and palpable mistake affecting the very substance of the subject matter of the contract. [5 Wait’s Act. & Def. 510.] Nor will equity interfere to rescind a contract where an adequate remedy at law exists. [121 Mass. 227; 22 Ark. 198.] A contract may be rescinded by the acts of the parties to it, without there being an express and formal agreement to that effect;…