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Chapter 11 of the United States Bankruptcy Code (Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, whether organized as a corporation, partnership or sole proprietorship, and to individuals, although it is most prominently used by corporate entities. [1]
First, where a party to a contract exercises an express right of termination, he or she is sometimes said to have exercised a right to rescind the contract. Secondly, where a party is faced with a repudiation, the party can elect to terminate the contract; this too has often been referred to as an election to rescind. "Rescission" at common law.
Chapter 7 of Title 11 U.S. Code is the bankruptcy code that governs the process of liquidation under the bankruptcy laws of the U.S. In contrast to bankruptcy under Chapter 11 and Chapter 13, which govern the process of reorganization of a debtor, Chapter 7 bankruptcy is the most common form of bankruptcy in the U.S. [1]
The law of contracts varies from state to state; there is nationwide federal contract law in certain areas, such as contracts entered into pursuant to Federal Reclamation Law. The law governing transactions involving the sale of goods has become highly standardized nationwide through widespread adoption of the Uniform Commercial Code .
Revocation of legal rights, privileges, or license can occur either administratively or through criminal courts. A common example is the revocation of a driver's license for egregious or repeated violations of traffic laws , which can be done by a criminal court, or an administrative traffic court, depending on jurisdiction. [ 4 ]
A common area where executory contracts are found is US bankruptcy law, where obligations exist for both parties to a contract at the time of a bankruptcy petition.In cases such as this, both the debtor, or the side that is filing for bankruptcy, and counterparty, or the side contracting with the debtor, may have to make further performance.