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In contract law, rescission is an equitable remedy which allows a contractual party to cancel the contract. Parties may rescind if they are the victims of a vitiating factor, such as misrepresentation, mistake, duress, or undue influence. [1] Rescission is the unwinding of a transaction.
In Canada, the Supreme Court of Canada has recognised that good faith contractual performance is a general organising principle of the common law.This duty applies to all contracts, requiring parties to act honestly in the performance of their obligations, and therefore would operate to determine whether activation of a termination for convenience clause had been done in good faith.
Hardship is a reason for a change in the contractual program of the parties. The aim of the parties remains to implement the contract. Force majeure, however, is situated in the context of nonperformance and deals with the suspension or termination of the contract. [3]
Coming to a mutual agreement: In some cases, simply asking the buyer to cancel the contract may work. If the seller doesn’t have cause, the buyer is not required to agree, but it doesn’t hurt ...
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Most insurance contracts typically state that the company will issue a refund within a reasonable timeframe. To avoid refund headaches, it is best to notify your auto insurer of your plans to ...
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