First Circuit -- PHL Variable Insurance Company v. P. Bowie 2008 Irrevocable

Under state law, a party is not required to return all consideration received when seeking rescission of contract -- court sitting in equity has power to fashion appropriate relief.

An action for rescission is not subject to the state election of remedies rule --  it is not an action on the contract, but rather an attempt to put the parties in the place they would have been absent the contract.

PHL Variable Insurance Company v. P. Bowie 2008 Irrevocable