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___________ of a Contract taken place when all or some of the terms of the contract are cancelled.
  • a)
    Novation 
  • b)
    Alteration 
  • c)
    Merger 
  • d)
    Recession 
Correct answer is option 'D'. Can you explain this answer?
Verified Answer
___________ of a Contract taken place when all or some of the terms of...
Recession means termination of a contract where parties mutually decide to cancel the terms of the contract, the contract need not be performance. In rescission, the old contract is cancelled and no new contract comes into existence.
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___________ of a Contract taken place when all or some of the terms of...
Rescission in contract law refers to the termination or cancellation of a contract. The word rescission comes from the word “rescind” which means to cancel or annul. The purpose of contract rescission is to restore the parties to their original status before the contract was made.
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___________ of a Contract taken place when all or some of the terms of the contract are cancelled.a)Novationb)Alterationc)Mergerd)RecessionCorrect answer is option 'D'. Can you explain this answer?
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