If a Contract Is Rescinded, the Parties May Keep the Consideration

question 5

True/False

If a contract is rescinded, the parties may keep the consideration received.

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Definitions:

After World War II

The period following the end of the second global conflict in 1945, characterized by the establishment of the United Nations, the beginning of the Cold War, and significant social and economic changes worldwide.

Overdraft

An amount beyond what is currently in the account.

Bank Account

A financial account maintained by a bank or other financial institution for the deposit and withdrawal of money by the account holder.

Check

A written, dated, and signed instrument that contains an unconditional order directing a bank to pay a definite sum of money to a payee.