Which of the following statements is true of rescission? Group of answer choices If a party to a contract announces the other party does not have to perform as promised, a rescission exists. It results in awarding monetary damages to a nonbreaching party that is intended to punish the breaching party of a contract. It arises from unusual losses that were foreseeable. If a party to a contract choses rescission as a remedy, that party cannot also make a claim for damages. If a party to a contract intentionally relinquishes a right to enforce the contract, a rescission occurs.

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11-07-2022
Business

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Which of the following statements is true of rescission? Group of answer choices If a party to a contract announces the other party does not have to perform as promised, a rescission exists. It results in awarding monetary damages to a nonbreaching party that is intended to punish the breaching party of a contract. It arises from unusual losses that were foreseeable. If a party to a contract choses rescission as a remedy, that party cannot also make a claim for damages. If a party to a contract intentionally relinquishes a right to enforce the contract, a rescission occurs.

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Tutorconsortium323 Tutorconsortium323 · Answer 1 · 2022-07-18T20:33:03+02:00

The True Statement about Rescission is : If a party to a contract choses rescission as a remedy, that party cannot also make a claim for damages.

To Find the True Statement amongst all other option , we need to know more about Rescission.

What is Rescission ?

The act of rescinding; the cancellation of a contract and the return of the parties to the positions they would have had if the contract had not been made. “recission may be brought about by decree or by mutual consent”

In contract law, rescission is an equitable remedy which allows a contractual party to cancel the contract. Parties may rescind if they are the victims of a vitiating factor, such as misrepresentation, mistake, duress, or undue influence. Rescission is the unwinding of a transaction. This is done to bring the parties, as far as possible, back to the position in which they were before they entered into a contract.

If the misrepresentation is fraudulent or negligent the court can award damages and rescind the contract, although where negligent misrepresentation occurs the court does have discretion to award damages in lieu of rescission.

Thus, we can conclude that the statement that Rescission is happens If a party to a contract choses rescission as a remedy, that party cannot also make a claim for damages.

Learn more about Rescission on:

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