The practical difference between the remedies for misrepresentation and fraud is that:

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A defrauded buyer has the option of affirming the contract and suing in tort for damages resulting from the fraud.This is so because unlike misrepresentation,the elements of fraud are the same as the elements for the tort of deceit.The buyer could recover actual damages resulting from the fraud and also be able to get punitive damages since fraud is intentional wrongdoing.

The Practical Difference Between the Remedies for Misrepresentation and Fraud