BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Detailed explanation-1: -Rescission for duress must be timely and occur before ratification. Contracts created or modified by duress are voidable . If duress is present, the victim can rescind the contract. If a person is subject to duress, he or she need not return what was received as a result of the contract.
Detailed explanation-2: -Avoidance of contracts affected by legal duress must be carried out promptly after the injured party discovers his or her assent was improperly obtained and occurred before ratification.
Detailed explanation-3: -In contract law, rescission is an equitable remedy which allows a contractual party to cancel the contract. Parties may rescind if they are the victims of a vitiating factor, such as misrepresentation, mistake, duress, or undue influence.