In Connection with a Contract,what Is Rescission

question 21

Multiple Choice

In connection with a contract,what is rescission?

• A)A court order to perform one's duties under a contract.
• B)A return of consideration to the other party.
• C)An undoing or cancellation of the contract.
• D)A formation of a second contract identical to the first.

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Definitions:

Employee Retirement Income Security Act

A federal law that sets standards for pension and health plans to provide protection for individuals in these plans.

Federal Racketeering Law

Laws aimed at combating organized crime that allow for the prosecution of individuals involved in ongoing criminal organizations, most notably under the Racketeer Influenced and Corrupt Organizations Act (RICO).

Contributory Plan

A type of insurance plan or pension scheme where both the employer and the employee contribute towards the cost of the benefits.

Salary

Fixed regular payment, typically expressed on an annual basis, made by an employer to an employee, especially a professional.