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A contract is discharged by rescisson which means the
- a)change in one or more terms of the contract.
- b)acceptance of lesser performance.
- c)abandonment of rights by a party.
- d)cancellation of the existing contract.
Correct answer is option 'D'. Can you explain this answer?
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A contract is discharged by rescisson which means thea)change in one o...
Discharge of Contract by Rescission:
Rescission is one of the modes of discharge of a contract. It means the cancellation or termination of the existing contract. In simple terms, it is the act of undoing a contract by mutual agreement of both parties.
When a contract is rescinded, both parties are returned to their original position before they entered into the contract. It is as if the contract never existed in the first place.
The following are the ways in which a contract can be discharged by rescission:
1. Mutual Agreement: Both parties to the contract can mutually agree to cancel the contract. This can be done either orally or in writing.
2. Breach of Contract: If one party breaches the contract, the other party can rescind the contract. However, the party who is rescinding the contract must have suffered a loss or damage as a result of the breach.
3. Misrepresentation: If one party has made a misrepresentation or a fraudulent statement, the other party can rescind the contract.
4. Mistake: If both parties have made a mistake about a fundamental aspect of the contract, the contract can be rescinded.
5. Duress or Undue Influence: If one party has been forced or influenced to enter into the contract, the contract can be rescinded.
In conclusion, rescission is a way of discharging a contract by cancelling the existing contract. It is a mutual agreement between both parties to undo the contract and return to their original position before entering into the contract.
Rescission is one of the modes of discharge of a contract. It means the cancellation or termination of the existing contract. In simple terms, it is the act of undoing a contract by mutual agreement of both parties.
When a contract is rescinded, both parties are returned to their original position before they entered into the contract. It is as if the contract never existed in the first place.
The following are the ways in which a contract can be discharged by rescission:
1. Mutual Agreement: Both parties to the contract can mutually agree to cancel the contract. This can be done either orally or in writing.
2. Breach of Contract: If one party breaches the contract, the other party can rescind the contract. However, the party who is rescinding the contract must have suffered a loss or damage as a result of the breach.
3. Misrepresentation: If one party has made a misrepresentation or a fraudulent statement, the other party can rescind the contract.
4. Mistake: If both parties have made a mistake about a fundamental aspect of the contract, the contract can be rescinded.
5. Duress or Undue Influence: If one party has been forced or influenced to enter into the contract, the contract can be rescinded.
In conclusion, rescission is a way of discharging a contract by cancelling the existing contract. It is a mutual agreement between both parties to undo the contract and return to their original position before entering into the contract.
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A contract is discharged by rescisson which means thea)change in one o...
Discharge of contract means termination of the contractual relationship between the parties. A contract is said to be discharged when it ceases to operate, i.e., when the rights and obligations created by it come to an end.
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A contract is discharged by rescisson which means thea)change in one or more terms of the contract.b)acceptance of lesser performance.c)abandonment of rights by a party.d)cancellation of the existing contract.Correct answer is option 'D'. Can you explain this answer?
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