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If the court had not been involved, but the parties had agreed to return each other to their pre-contract status, the legal effect of this new agreement is a_________-

Respuesta :

Options:

a) Renovation

b) Restitution

c) Rescission

Answer:

Rescission

Explanation:

Rescission is an equitable remedy which allows the cancellation of a contract by contractual parties.  Rescission in equity operates to roll the contract back to the position the parties were in prior to contracting, this is called "rescission ab initio". The degree of complete restoration will vary depending on the particular underlying cause of action.

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