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Which of the following statements is false regarding rescission?
- a)Rescission can be made through mutual agreement.
- b)When one party makes a default in performance, the other party can rescind the contract.
- c)In case of voidable contract, the aggrieved party can cancel the contract,
- d)None of the above
Correct answer is option 'D'. Can you explain this answer?
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Which of the following statements is false regarding rescission?a)Resc...
False Statement Regarding Rescission
Rescission is a legal remedy available to parties in a contract that allows them to undo or cancel the contract. However, one of the following statements is false regarding rescission:
False Statement: None of the above
Explanation:
The false statement is option D, which says that none of the above statements is false regarding rescission. This statement is incorrect because option D is not a statement regarding rescission but rather a general statement that does not relate to the given options.
Let's examine the other options to understand why they are true:
a) Rescission can be made through mutual agreement: This statement is true because rescission is a remedy that requires the agreement of both parties involved in the contract. If both parties agree to cancel the contract, they can do so through rescission.
b) When one party makes a default in performance, the other party can rescind the contract: This statement is also true because when one party fails to perform their obligations under the contract, the other party has the right to rescind the contract as a remedy. This could happen when one party breaches the terms of the contract, fails to perform on time, or fails to perform at all.
c) In case of a voidable contract, the aggrieved party can cancel the contract: This statement is true because a voidable contract is one that can be canceled by the aggrieved party. This can happen when one party uses fraud, misrepresentation, undue influence, or coercion to induce the other party to enter into the contract. The aggrieved party can then rescind the contract and seek damages.
In conclusion, statement D is false because it does not relate to rescission, and the other statements A, B, and C are true regarding rescission.
Rescission is a legal remedy available to parties in a contract that allows them to undo or cancel the contract. However, one of the following statements is false regarding rescission:
False Statement: None of the above
Explanation:
The false statement is option D, which says that none of the above statements is false regarding rescission. This statement is incorrect because option D is not a statement regarding rescission but rather a general statement that does not relate to the given options.
Let's examine the other options to understand why they are true:
a) Rescission can be made through mutual agreement: This statement is true because rescission is a remedy that requires the agreement of both parties involved in the contract. If both parties agree to cancel the contract, they can do so through rescission.
b) When one party makes a default in performance, the other party can rescind the contract: This statement is also true because when one party fails to perform their obligations under the contract, the other party has the right to rescind the contract as a remedy. This could happen when one party breaches the terms of the contract, fails to perform on time, or fails to perform at all.
c) In case of a voidable contract, the aggrieved party can cancel the contract: This statement is true because a voidable contract is one that can be canceled by the aggrieved party. This can happen when one party uses fraud, misrepresentation, undue influence, or coercion to induce the other party to enter into the contract. The aggrieved party can then rescind the contract and seek damages.
In conclusion, statement D is false because it does not relate to rescission, and the other statements A, B, and C are true regarding rescission.
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Which of the following statements is false regarding rescission?a)Resc...
Rescission - by agreement between the parties at any time before it is discharged by performance or in some other way. When the both party mutually agreed discharged the contract. So option d) is correct answer.
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Which of the following statements is false regarding rescission?a)Rescission can be made through mutual agreement.b)When one party makes a default in performance,the other party can rescind thecontract.c)In case of voidable contract, the aggrieved party can cancel the contract,d)None of the aboveCorrect answer is option 'D'. Can you explain this answer?
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Which of the following statements is false regarding rescission?a)Rescission can be made through mutual agreement.b)When one party makes a default in performance,the other party can rescind thecontract.c)In case of voidable contract, the aggrieved party can cancel the contract,d)None of the aboveCorrect answer is option 'D'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Which of the following statements is false regarding rescission?a)Rescission can be made through mutual agreement.b)When one party makes a default in performance,the other party can rescind thecontract.c)In case of voidable contract, the aggrieved party can cancel the contract,d)None of the aboveCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which of the following statements is false regarding rescission?a)Rescission can be made through mutual agreement.b)When one party makes a default in performance,the other party can rescind thecontract.c)In case of voidable contract, the aggrieved party can cancel the contract,d)None of the aboveCorrect answer is option 'D'. Can you explain this answer?.
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