Regan

Defendant appeals from a judgment against him for rescission of a contract for the purchase of real property. He argues: (1) the trial court abused its discretion in denying his motion for discovery after arbitration; (2) the evidence does not support the remedy of rescission; (3) recovery is barred by laches; and (4) the award of damages was not supported by the evidence and was incorrectly calculated. We reject defendant’s arguments and affirm the judgment.

I. Facts and Procedure

Plaintiff owned some investment property in Modesto which he wanted to sell under a tax free exchange for another investment property. Internal Revenue Code section 1031 in pertinent part provides: “[N]o gain or loss shall be recognized on the exchange of property held for . . . investment ... if such property is exchanged solely for property of like kind which is to be held . . . for investment.” Plaintiff contacted defendant, a real estate broker, for assistance in finding an acceptable parcel for plaintiff to acquire in exchange concurrently with the sale of plaintiff’s Modesto property. Unable to find a suitable exchange parcel, defendant suggested that plaintiff proceed to sell his…