Guido and hal want to rescind their contract under which guido sold hal a mountain bike for $100. To rescind the contract.

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04-08-2022
Business

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Guido and hal want to rescind their contract under which guido sold hal a mountain bike for $100. To rescind the contract.

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Tutorconsortium357 Tutorconsortium357 · Answer 1 · 2022-08-09T15:37:32-04:00

Guido must return the $100 and Hal and must return the bike.

What does it mean to rescind the contract?

Cancellation of a contract.

Rescission may be unilateral, as when a party rightfully cancels a contract because of another party's material breach.

Rescission can also be mutual, as when the contracting parties agree to discharge all remaining obligations.

What is an example of rescind?

Rescind is defined as to cancel or make something void.

An example of rescind is someone calling off their wedding. verb. 2. To cancel a contract, whether unilaterally or by mutual agreement and restore both parties to status quo ante (the positions they would have been in if the contract had never existed).

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