Examlex
Which of the following is characteristic of a banking system composed of a small number of large banks?
Adequacy of Consideration
A legal principle assessing whether what is exchanged in a contract (goods, services, or money) is fair and of sufficient value.
Mistake as to Existence
A legal misunderstanding or error regarding the actual existence of a subject matter or condition of a contract.
Fraudulent Misrepresentation
A false statement made knowingly without belief in its truth or recklessly and without concern for its truth, which induces another party to enter into a contract.
Rescission
The act of cancelling a contract and returning all parties involved to their positions prior to the agreement, effectively nullifying the contract's obligations.
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