"Where fraudulent misrepresentation is involved, the victim can obtain rescission and/or damages but where innocent misrepresentation is involved, the only remedy is damages." Discuss the accuracy of that statement.

Fraudulent Misrepresentation

A false statement made knowingly or recklessly intended to deceive the other party, leading to a contract or agreement being voidable.

Innocent Misrepresentation

A false statement made honestly and without the intent to deceive, which may lead to the voiding of a contract if relied upon by the other party.

Rescission

The cancellation of a contract, returning all involved parties to their state before the contract was made.