If subsection (1)(a), (b), or (c) applies, a party may exercise the right to cancel the contract if, and only if,—
(a)
the parties have expressly or impliedly agreed that the truth of the representation or, as the case may require, the performance of the term is essential to the cancelling party; or
(b)
the effect of the misrepresentation or breach of the contract is, or, in the case of an anticipated breach, will be,—
(i)
substantially to reduce the benefit of the contract to the cancelling party; or
(ii)
substantially to increase the burden of the cancelling party under the contract; or
(iii)
in relation to the cancelling party, to make the benefit or burden of the contract substantially different from that represented or contracted for.