Which statement is accurate regarding the need for the judgment to be obtained by the party seeking rescission?
Understand the Problem
The question is asking which statement is correct about the requirement that the party seeking rescission must fulfill regarding obtaining a judgment. It involves understanding legal principles related to rescission and judgments.
Answer
The party seeking rescission must return the benefits obtained under the contract.
The party seeking rescission must return the benefits obtained from the other party under the contract in order to effectively rescind the contract.
Answer for screen readers
The party seeking rescission must return the benefits obtained from the other party under the contract in order to effectively rescind the contract.
More Information
In contract law, rescission aims to place the parties in the position they were in before the contract. Therefore, benefits received must be returned to avoid unjust enrichment.
Tips
A common mistake is not realizing the requirement to restore benefits to the other party to fully achieve rescission.
Sources
- Return Of Benefits As Prerequisite To Contract Rescission - scholarlycommons.law.wlu.edu
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