Does a borrower have to allege actual damages for misrepresentation?

^7. The borrowers argue that they do not need to allege actual damages because one of the remedies they are seeking is rescission and they cite Rodes v. Shannon (1963) 222 Cal.App.2d 721, 727. The court in Rodes observed that the principal was entitled to rescind the sale without having to show any damage because the principal's agent acted in a manner adverse to his principal. (Id. at pp. 725-727.) Rodes did not involve causes of action for fraud or misrepresentation and, as stated above, damages is an essential element of a claim for fraud or misrepresentation.