To Rescind a Contract, the Parties Must Make a Second

question 43

True/False

To rescind a contract, the parties must make a second agreement that includes consideration.

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Definitions:

Bankruptcy Trustee

An appointed individual responsible for managing the estate of a debtor during bankruptcy proceedings, including assets distribution to creditors.

Security Interest

An enforceable legal claim or lien on collateral that has been pledged, usually to obtain a loan, ensuring the right to seize said collateral if the loan is not repaid.

Antecedent Debt

Obligations or debts that exist before a particular agreement or transaction.

Buyer

An individual or entity that purchases goods or services.