Which Is Not a Correct Statement Concerning Rescission of a Contract

question 30

Multiple Choice

Which is not a correct statement concerning rescission of a contract?

• A) The breach must be material.
• B) The injured party who rescinds may recover money paid under the contract.
• C) The contract remains in effect after the rescission.
• D) Rescission is the undoing of the contract.

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Definitions:

Total Amount

The aggregate or final sum of various components, such as the total cost, payment, or investment value.

Exact Interest

A method of calculating interest based on a 365 or 360-day year, often used in banking and finance to determine the amount due on loans or investments.

365-Day Year

A convention used in interest calculations assuming a full year consists of 365 days.

Total Amount

The complete sum or aggregate of quantities, such as the final amount due for payment or the sum total of assets.