Either Party May Demand Rescission of a Fully Executed Oral

question 27

True/False

Either party may demand rescission of a fully executed oral contract if it was required to have been in writing under the statute of frauds.

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Definitions:

Gasoline

A volatile, flammable liquid derived from petroleum, commonly used as fuel in internal combustion engines.

Gas Pump

A machine at a fuel station that dispenses liquid fuels such as gasoline, diesel, or ethanol-blended fuels into the tanks of vehicles.

South Dakota

A state located in the Midwestern region of the United States, characterized by its rolling plains and rugged national parks.

Price Elasticity

A measure of the sensitivity of the quantity demanded or supplied of a good to a change in its price.