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"Rescission" at common law. Rescission at common law (as distinct from rescission in equity) is a self-help remedy: historically, the common law courts simply gave effect to the rescinding party's unequivocal election to rescind the contract. Rescission at common law is only available for fraudulent misrepresentations and duress.
Stambovsky v. Ackley, 169 A.D.2d 254 (N.Y. App. Div. 1991), commonly known as the Ghostbusters ruling, was a case in the New York Supreme Court, Appellate Division.The court held that a house, which the owner had previously advertised as haunted by ghosts, was legally haunted for the purpose of an action for rescission brought by a subsequent purchaser of the house.
When can the right of rescission be exercised? You can exercise the right of rescission within three days of signing an agreement with a home loan lender if the loan applies to your primary residence.
Although rescission may in some cases be a proper remedy, it is to be remembered that an innocent misrepresentation is much less potent than a breach of condition; and a claim to rescission for innocent misrepresentation must at any rate be barred when a right to reject for breach of condition is barred.
Specific performance requires a party to perform a contract, for example by transferring a piece of land to the claimant. The award of specific performance requires that the two following criteria must be satisfied: [9] (i) Common law damages must be an inadequate remedy. For instance, when damages for a breach of contract found in favour of a ...
Getty Images April is Financial Literacy Month, and our goal is to help you raise your money IQ. In this series, we'll tackle key economic concepts -- ones that affect your everyday finances and ...
The elasticity of demand follows the law of demand and its definition. However, there are goods and specific situations that defy the law of demand. Generally, the amount demanded of a good increases with a decrease in price of the good and vice versa. In some cases this may not be true. There are certain goods which do not follow the law of ...
It had, for example, a strong influence on the reflexions regarding contracts of prostitution. [10] The interpretations of Roman law principles on unjustified enrichment, by the French jurist Jean Domat and the German jurist Friedrich Carl von Savigny, formed the respective origins of the modern French and German law on unjustified enrichment. [11]