Which of the following statements BEST identifies the meaning of the term “rescission of a contract”?
A. A ratification of a contract by all parties
B. A return of all parties to their condition before the contract was executed
C. A transfer or assignment of a particular responsibility from one of the parties to another
D. A review of the contract by the legal counsel of either party that may result in a cancellation without penalty or further obligation
Answer:B
Which of the following statements BEST identifies the meaning of the term “rescission of a contract”?
A. A ratification of a contract by all parties B. A return of all parties to their condition before the contract was executed C. A transfer or assignment of a particular responsibility from one of the parties to another D. A review of the contract by the legal counsel of either party that may result in a cancellation without penalty or further obligation