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Author Question: Explain the difference between a release and a rescission. What will be an ideal ... (Read 48 times)

KimWrice

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on: Aug 3, 2018
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

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Reply #1 on: Aug 3, 2018
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.


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