Asked by
Shuba Letchumy
on Nov 29, 2024
Verified
For rescission to be available as a remedy for a false statement, a misrepresentation must have been made with scienter.
Rescission
The legal act of voiding a contract and returning the parties involved to their states prior to the contract, as if the contract had never existed.
Scienter
Knowledge of wrongdoing or fraudulent intent, especially as a component to proving certain types of fraud.
False Statement
An untrue assertion presented as a fact, intentionally or unintentionally, which could mislead or deceive others.
- Familiarize oneself with and detect the varied categories of deception, along with their prerequisites for resolution.
- Identify remedies available for contractual breaches due to misrepresentations.
- Understand the concept of scienter in the context of contract fraud.
Verified Answer
MC
Learning Objectives
- Familiarize oneself with and detect the varied categories of deception, along with their prerequisites for resolution.
- Identify remedies available for contractual breaches due to misrepresentations.
- Understand the concept of scienter in the context of contract fraud.