Final answer:
A victim of fraudulent misrepresentation has three main options: rescind the contract and seek damages, accept the misrepresentation, or arbitrate the dispute. Rescinding the contract is a legal remedy, while the other two are choices the victim can make based on their circumstances.
Step-by-step explanation:
When a victim of fraudulent misrepresentation seeks remedies, there are specifically three main options to consider:
- Rescind the contract and seek damages - This option allows the victim to cancel the contract and claim compensation for any losses suffered due to the fraudulent misrepresentation.
- Accept the misrepresentation and move forward - In this case, the victim decides to continue with the contract despite the deceit. This is not a typical legal remedy but rather a personal decision to overlook the fraud.
- Arbitrate the dispute with the misrepresenting party - This is a dispute resolution strategy where an impartial third party will help the victim and the fraudster come to a mutually agreeable solution without going to court.
It is crucial for a victim to consult with a legal professional to understand which of these 3 remedies is most appropriate for their situation.