Author Question: Explain the difference between a release and a rescission. What will be an ideal ... (Read 35 times)

KimWrice

  • Hero Member
  • *****
  • Posts: 579
Explain the difference between a release and a rescission.
 
  What will be an ideal response?

Question 2

What is the effect of a waiver on a contractual obligation?
 
  What will be an ideal response?



ryhom

  • Sr. Member
  • ****
  • Posts: 366
Answer to Question 1

One party may unilaterally release.
All parties must consent to a rescission. A release should be in writing, whereas a rescission
might be verbal, depending on Statute of Frauds and UCC requirements

Answer to Question 2

The party to whom the duty is owed gives up the right to the performance.



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

Medication errors are more common among seriously ill patients than with those with minor conditions.

Did you know?

The toxic levels for lithium carbonate are close to the therapeutic levels. Signs of toxicity include fine hand tremor, polyuria, mild thirst, nausea, general discomfort, diarrhea, vomiting, drowsiness, muscular weakness, lack of coordination, ataxia, giddiness, tinnitus, and blurred vision.

Did you know?

GI conditions that will keep you out of the U.S. armed services include ulcers, varices, fistulas, esophagitis, gastritis, congenital abnormalities, inflammatory bowel disease, enteritis, colitis, proctitis, duodenal diverticula, malabsorption syndromes, hepatitis, cirrhosis, cysts, abscesses, pancreatitis, polyps, certain hemorrhoids, splenomegaly, hernias, recent abdominal surgery, GI bypass or stomach stapling, and artificial GI openings.

Did you know?

The most dangerous mercury compound, dimethyl mercury, is so toxic that even a few microliters spilled on the skin can cause death. Mercury has been shown to accumulate in higher amounts in the following types of fish than other types: swordfish, shark, mackerel, tilefish, crab, and tuna.

Did you know?

Approximately 15–25% of recognized pregnancies end in miscarriage. However, many miscarriages often occur before a woman even knows she is pregnant.

For a complete list of videos, visit our video library