Jarvis v. Ireland

Citations

• 89 Wash. 286
• 154 P. 455
• 1916 Wash. LEXIS 691

Syllabus

<p>Fraud — Proof—Pbesumptions. Fraud, as ground for the rescission of a contract, will not be presumed or conjectured.</p> <p>Exchange of Pbopebty — Fbaud — Evidence — Sufficiency. A charge of fraud in the exchange of property, in misrepresenting the price paid for and the value of shares of the capital stock of a land company, rescission of which is sought, is fully met and .becomes immaterial where it is shown that the defendant refused Iona fide offers for the stock equal to the represented value.</p> <p>Limitation of Actions — Fbaud—Discoveby—Exchange of Pboperty — ’Rescission—Laches. Where plaintiffs, seeking rescission of the sale to them of shares of the capital stock of a land company, on account of misrepresentations as to its value and the amount of offers received for it, did not commence action until more than three years after discovery of the fraud, the action is barred, both by the statute of limitations and equitable estoppel.</p> <p>Exchange of Pbopebty — Rescission—Fbaud—Laches — Evidence —Sufficiency. The rescission of an exchange of property for shares of the capital stock of a land company, for defendant’s fraudulent representations as to the character and value of the company’s land, located at a great distance and which could not be examined, is properly denied, where the preponderance of the evidence is to the effect that the plaintiff knew defendant had no personal knowledge of the land, that his statements were made honestly and not positively, but upon reports received from others, to whom the plaintiff was referred, and that plaintiff did not rely thereon but interviewed the other parties, officers, and stockholders, between whom and defendant there was no collusion, and acted upon information received from others rather than defendant’s representations; especially where, as a director in the company, plaintiff took no steps to complete purchase of the company’s lands or to rescind the contract for a long time, meanwhile refusing an offer