175Damages instead of rescission for misrepresentation

175 Damages instead of rescission for misrepresentation (1) This section applies if, in an action arising out of a contract, a person has rescinded, or may rescind, the contract on the ground of non-fraudulent misrepresentation. (2) The court may declare the contract to be existing and award damages, or award damages instead of ordering rescission, if the court considers that— (a) the consequences of a declaration are preferable to the consequences of rescission in the circumstances of the case; and (b) it is just and equitable to do so. (3) Damages may be awarded against a person under subsection (2) even if the person is not liable for damages under section 174. (4) However, a court must take into account— (a) in assessing damages under section 174 or this section—any award of damages under section 174 or this section, or damages or compensation under any other law; or (b) in assessing damages or compensation under any other law relating to a contract—any award of damages under this chapter.