The plaintiff sought rescission and damages arising from a five-year fixed price electricity contract entered into in 2008, alleging negligence, negligent misrepresentation, bad faith, and breach of contract after market electricity prices later fell below the contract rate.
The court found the parties were acting at arm’s length in an ordinary commercial transaction, that the defendant’s sales representative made no dishonest or knowingly misleading statements, and that any views expressed about future electricity prices were opinions or expectations honestly held at the time.
The court further held the plaintiff failed to prove actual reliance, had signed a contract expressly disclaiming reliance on outside representations, and had not attempted termination in accordance with the contract terms.
The later-pleaded claim that the defendant breached the contract by failing to accept termination was held to be a new cause of action and statute barred.
The action was dismissed.
