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 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 order that renunciation of rights by the holder against the principal debtor will discharge the instrument, said renunciation must be: a. Absolute and uncondltional b. l\/lade prior to maturity of the instru ment c. Done verbally d. l\/lade by altering the instrument 22. ln the hands of a holder in due course, not a party to the alteratlon, the instrument may be enforced according to its original ten or except as against the following who are liable on the altered tenor of the instrument: a. First indorser b. Holder in due course c. Su bsequent indorsers d. Holder for value 23.The statement "He took lt in good faith and for value" entails that a. Bad faith requires actual knowledge of the exact truth. b. Purchase of the instrument at a discount does not prevent a holderfrom being a holder in due course. c. Good faith refers to the good faith of the seller of the instrument and not the endorsee ortransferee. d. Good faith is knowledge of facts which tend to show that there was something wrong with the transaction. ANSWERS

Which of the following is not relevant to proving any element which constitutes either actus reus or mens rea of larceny?The defendant takes the property without consent by the possessorThe defendant does not intend to return the property to the possessorThe defendant intends to take property that it is illegal for the possessor to possessThe defendant takes tangible property away from the possessor

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

It is a wrong committed without any pre-existing contractual relations between the parties.1 pointActs and omissions punished by law.Quasi Contract.Natural Obligation.Quasi Delict.