Which of the Following Best Describes Rescission of a Contract:

The application is submitted. An agent explains a policy to a potential applicant.

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An insured stated on her application for life insurance that she had never had a heart attack when in fact she.

. This is done in order to return the parties to the situation in which they were in before to entering into a contract to the greatest extent practicable the status quo ante. In the context of rescission a contract is rescinded. The substitution of a new contract for an old one.

This is done to bring the parties as far as possible back to the position in which. The following statements concerning rescission of contracts are correct except a. Courts can free non-liable parties from their obligations in a contract.

Rescission unravels the entire contract. Which of the following would best describe rescission in regard to a real estate contract. Rescission is inconsistent with termination for breach.

A rescission of contract form is used to restore each party involved in a contract back to the state they were in before the contract went into effect. An opinion cannot be a misrepresentation because it is not a statement of fact. Parties can use an entire agreement clause to protect only against innocent and negligent misrepresentation.

Parties may rescind if they are the victims of a vitiating factor such as misrepresentation mistake duress or undue influence. Rescission of contract sets the contract aside or unmakes it. When a rescinding of contract occurs it is as if the contract had never been established in the first place.

Rescission can be done by law by mutual consent or by reasonable cause. What best describes misrepresentation. Rescission is not possible for innocent misrepresentation.

Rescission is the unwinding of a transaction. In contract law rescission is an equitable remedy which allows a contractual party to cancel the contract. A return to the status quo prior to the exdecution of the contract.

Rescission is the voiding of a contract by a court that does not recognize it as legally binding. If the parties to the contract have already performed some of the key tasks agreed to in the contract a remedy other than rescission is usually necessary. Termination for breach of contract is fundamentally different.

The right of rescission is an equitable remedy in contract law that permits a contractual party to terminate the contract. The insurer approves the application and receives the initial premium. The action for rescission is a remedy of last resort because it can be instituted even when the party suffering damage has no other legal means to obtain reparation for the same.

The contract is reversed to restore the parties to the position they were in before the contract was signed. Chapter 2 Contract Law. You do not need to disclose latent defects in real estate.

Definition 2 - The unmaking of a contract by a court in the interest of fairness and justice. The agent hands the policy to the policyholder. A revision in ther terms of a contract.

A lease where the lessor and lessee cancel the agreement with all rents being returned. This will typically be a. A ratification of the contract by all parties.

Which of the following best describes a rescission. Rescission shall be only to the extent necessary to cover the damages caused.

8902 Contracts

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