Which is the correct meaning of rescinding a contract?Group of answer choicesTerminating a contract and exclusion clauses live on for one yearTerminating a contract and exclusion clauses live on for two yearsBreaching the termscanceling a contract and treating it as though it never existed

Which of the following statements BEST identifies the meaning ofthe term, “rescission of a contract”?1. A ratification of a contract by all parties.2. A return of all parties to their condition before the contractwas executed.3. A transfer or assignment of a particular responsibility fromone of the parties to another.4. A review of the contract by the legal counsel of either partythat may result in a cancellation without penalty or furtherobligation.

In the following question, a word is followed by four options. You have to choose the option that is similar in meaning to the given word.Rescind (to repeal)CancelEnjoyPraiseReceive

Choose the word, from the options given below, which expresses the opposite meaning of the following word: RELINQUISH

Neither shall rescission take place when the things which are the object of the contract are legally in the possession of third persons who did not act in

Which of the following is an example of a term/clause attempting to “contract out” under the Consumer Guarantees Act 1993 (CGA): Group of answer choices A clause/term in a contract that states that the businesses is liable only up to $150 for any loss or damage A clause/term in a contract that states that the businesses is not liable beyond the amount paid for the good or service A clause/term in a contract that states that the businesses is not liable for any loss or damage All the other options are examples of attempts to contract out of the CGA