Measures that may be taken to limit or exclude liability for misrepresentation include: In common law jurisdictions, a misrepresentation is a statement of false or misleading fact  made by one party to another in the course of negotiations, whereby the statement then leads that other party to enter into a contract.   The deceptive party can generally terminate the contract and sometimes be awarded damages (or instead of termination). This point was characterized by Barclays as an issue affecting the element of trust of the fraudulent claim in question. Barclays defended itself (and defended the Court`s decision) by arguing that the counsel had not relied on statements made by Barclays because the relevant staff of the counsel were not actively or consciously aware at the time of their submission that the statements would be made to them. This suggests that the misled party, after relying on a false statement, has a duty to discover the truth “within a reasonable time”. In Doyle v. Olby, 1969, it was assumed that a party misled by fraudulent misrepresentation had NOT confirmed even after more than a year. For a false statement to be punishable, it must have led the other party to conclude the contract. If a party has not invoked it, it cannot rely on the fact that it has induced it to conclude the contract. The recent case of Leeds City Council & Ors v.
Barclays Bank plc clarified that the representative must prove that the representation is known in some form; It had to be actively present in their minds at the time of signing the contract. Depending on the nature of the misrepresentation, remedies such as revocation or damages, or a combination of both, may be available. Tort liability may also be considered. Several countries, such as Australia, have a legal system that deals with misrepresentation under consumer law.  Otherwise, an act may involve misrepresentation and possibly a tort of negligence and deception. Although an action for breach of contract is relatively simple, there are advantages to bringing a parallel action for misrepresentation, as if dismissal is only possible in the event of a breach of condition, annulment is prima facie available for all inaccuracies, subject to the provisions of section 2 of the Misrepresentation Act 1967 and subject to the limitations inherent in a fair remedy.  In situations where the stakes are higher, a misrepresentation may be considered a default on the part of a lender, for example in a credit agreement. Meanwhile, misrepresentation may be a reason to terminate a merger and acquisition (M&A) transaction, in which case significant pause fees may apply. The law of misrepresentation is a fusion of contract and tort; and its sources are common law, equity and statutes. The common law was amended by the Misrepresentation Act 1967.
The general principle of misrepresentation has been adopted by the United States and various Commonwealth countries, for example: