S.3, as substituted by s.8(1) of the Unfair Contract Terms Act 1977, of the Misrepresentation Act 1967 provides that
If a contract contains a term which would exclude or restrict--
(a) any liability to which a party to a contract may be subject by reason of any misrepresentation made by him before the contract was made; or
(b) any remedy available to another party to the contract by reason of such a misrepresentation,
that term shall be of no effect except in so far as it satisfies the requirement of reasonableness as stated in section 11(1) Unfair Contract Terms Act 1977; and it is for those claiming that the term satisfies that requirement to show that it does.
NB S.3 is not only limited to business liability; s.2(1) Unfair Contract Terms Act 1977 only applies to ss.2-7.