When might a party be prevented from rescinding a contract for misrepresentation? Which of the following is correct?

If the parties to a contract have commenced the operation of the contract and the falsity comes to light, then this is considered to be too late, action is only possible before the contract begins to operate

Rescission requires that the parties be able to return to their original situation before the misrepresentation, if the misrepresentation is accepted, or a long time has elapsed or another party receives rights under the contract, rescission may not be possible

A party may be prevented from rescinding the contract for misrepresentation where it can be demonstrated that the person suffering the misrepresentation should have sought advice on the veracity of the statements made to them

Rescission will not be available to a person suffering the misrepresentation where they have had prior dealings with the same contractor who made the misrepresentations