Which of the Following Is an Incorrect Statement Regarding Rescinding

question 72

Multiple Choice

Which of the following is an incorrect statement regarding rescinding a contract in the Philippines?

• A)If consent is given through mistake,violence,intimidation,undue influence,or fraud,contracts are valid until they are annulled.
• B)The period in which to annul a contract for mistake,violence,intimidation,undue influence,or fraud is four years.
• C)In cases of intimidation,violence,or undue influence,the time period for annulling a contract is measured from the time the defect in the assent ceases.
• D)In cases of mistake or fraud,the time period for annulling a contract is measured from the time of the discovery of the defect.
• E)The law of the Philippines regarding contract rescission for mistake,violence,intimidation,undue influence,or fraud is the same as United States law.

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Definitions:

Reserve Requirement Ratio

The fraction of deposits that banks must hold in reserve and not lend out, as mandated by the central bank.

Checkable Deposits

Bank account balances that can be withdrawn on demand using checks or electronic payment methods without any advance notice.

Excess Reserves

The amount of reserves that a bank holds in excess of the reserve requirements set by a central bank.

Money Expansion

refers to an increase in the money supply, which can result from actions by the central bank or financial institutions that impact lending and liquidity.