When the consent of a party is obtained by misrepresentation, the contract is considered voidable. Here is a detailed explanation:

Misrepresentation: Misrepresentation refers to a false statement of fact made by one party to another, which induces the other party to enter into a contract. It is important to note that misrepresentation must be about a material fact and not just an opinion or a future promise.

 Voidable contract: A voidable contract is a valid contract that can be enforced by either party. However, one party has the option to rescind or avoid the contract due to certain circumstances such as misrepresentation, fraud, undue influence, or coercion. In the case of misrepresentation, the innocent party has the right to rescind the contract and claim damages if they have suffered any loss.

The following points further clarify the concept:

1. Right to rescind: The innocent party, upon discovering the misrepresentation, has the right to rescind the contract. This means they can choose to end the contract and return to the position they were in before entering into it. However, if they continue with the contract after becoming aware of the misrepresentation, they may lose the right to rescind it.

2. Claim for damages: In some cases, the innocent party may also claim damages for any loss suffered due to the misrepresentation. The purpose of damages is to compensate the innocent party for their losses and put them in the position they would have been in had the misrepresentation not occurred.

3. Affirmation of the contract: If the innocent party decides to continue with the contract after discovering the misrepresentation, they are said to have affirmed the contract. In this case, they lose the right to rescind it but may still be able to claim damages for any loss suffered.

In summary, when consent is obtained by misrepresentation, the contract is considered voidable. The innocent party has the option to rescind the contract and may also be entitled to claim damages for any loss suffered as a result of the misrepresentation.