For Mutual Rescission of a Contract to Take Place, Both

question 53

True/False

For mutual rescission of a contract to take place, both parties must provide additional consideration.

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Definitions:

Reduced Pension

A retirement plan that provides beneficiaries with lower benefits than originally anticipated or agreed upon.

Contributory Pension Plans

Retirement plans where both the employer and employees contribute to the fund that will be used to provide retirement benefits to the employees.

Contributions

The act of giving or adding to something larger, often refers to financial contributions in a business or investment context but can also apply to contributions of time, effort, or resources.

Household Income

The combined gross income of all members of a household who are 15 years old and higher, regardless of their relationship.