Either party may demand rescission of a fully executed oral contract that was required to have been in writing under the statute of frauds.

Question

Quizplus · Accepted Answer

This statement is false. Once a contract is fully executed, it cannot be rescinded unless there is a legal justification for rescission such as fraud, misrepresentation, duress, or mistake. The statute of frauds does not provide a basis for rescission; it merely requires certain types of contracts to be in writing to be enforceable.

Either Party May Demand Rescission of a Fully Executed Oral