Greenwood v. Fenn

Citations

• 136 Ill. 146
• 26 N.E. 487

Syllabus

<p>1. Rescission of contract—for fraud—not relying upon the alleged fraudulent representations. If a complainant seeking a rescission of an executed contract for the exchange of properties, makes the exchange relying upon his own judgment, based on a personal inspection of the land for which he makes the exchange, and not upon representations made to him by the defendant, he can not be heard to complain that a fraud was practiced upon him, even though it shall appear that the examination made by him was in fact inadequate, so as to lead to mistaken conclusions.</p> <p>2. Same—rescission for fraud—promptness required in making election—after discovery of the fraud. If a party is induced to make an exchange of properties, by the false and fraudulent representations of the defendant, the transaction will not be void, but only voidable, at his election ; and if he wishes to rescind the trade, he must make his election to do so promptly after becoming aware of the fraud. If he continues to treat the land which he has received in exchange, as his own, and proceeds to make valuable improvements thereon, and avails himself of the uses and profits thereof after becoming fully apprised of the facts, he wdll be held to have elected to affirm the transaction, and he can not afterward rescind.</p> <p>3. So where a party desires to rescind upon the ground of mistake or fraud, he must, upon the discovery of the facts, at once announce his purpose, and adhere to it. If he be silent, and continue to treat the property as his own, he will be held to have waived the objection, and will be as conclusively bound by the contract as if the mistake or fraud had not occurred. Delay and vacillation are fatal to the right to rescind..</p> <p>4. The party seeking to rescind must do so promptly on discovering that he has been defrauded by false representations as to the character and quality of the property bought by him. He can not lie by until he discovers the full extent of the fraud practic