CAF-4 · Chapter 9 · Question 12 of 12
Rescission of a contract means:
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: A) Cancellation of the contract.
Explanation
Rescission is the act of revoking or cancelling a contract, which brings the parties back to their original position (status quo ante).
More Discharge of a contract MCQs
- Q2If the parties to a contract agree to substitute a new contract for it, or to rescind it, or alter it, the original contract:
- Q3The substitution of a new contract in place of an existing one is legally known as:
- Q4Every promisee may dispense with or 'remit', wholly or in part, the performance of the promise made to him. This is known as:
- Q5When a person at whose option a contract is voidable 'rescinds' it, the other party:
- Q6Which of the following describes 'discharge by operation of law'?