If a Court Orders Rescission and Restitution of a Contract

question 43

Multiple Choice

If a court orders rescission and restitution of a contract under which Nala sold a baseball card to Shirley in exchange for $450:

• A)Shirley must return the baseball card.
• B)Nala must return the $450.
• C)Both a and b
• D)Neither a nor b.

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Definitions:

Partnerships

A business structure in which two or more individuals manage and operate a business in accordance with the terms and objectives set out in a Partnership Deed.

Corporations

Corporations are legal entities that are separate from their owners, allowing them to own assets, incur liabilities, and conduct business activities.

Corporation

A legal entity that is separate and distinct from its owners, offering limited liability and the ability to raise capital through stock.

Stockholders

Individuals or entities that own shares in a corporation, giving them ownership interest.