Mr. Neo and Mrs. Lee.docx

Mr. Neo and Mrs. Lee.docx - Running head RECSISSION OF A...

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Running head: RECSISSION OF A CONTRACT Rescission of a Contract Name Institution Date
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RECSISSION OF A CONTRACT 2 Legally, there was a contract between Mrs. Lee and Mr. Neo. Mrs. Lee had expressed her willingness to engage in a lease contract, and Mr. Neo had agreed both through verbal agreements and the presence of a written document. Irrespective of the type of document signed, both parties had engaged in an agreement because the signed Letter of Intent (LOI) contained the terms of the contract[Tre13]. Mrs. Lee does not know the requirements of an enforceable contract. However, Mr. Noe has full knowledge of the requirement of a valid contract. Therefore, he ought to have portrayed an utmost of good faith element of a valid and enforceable contract. It has been realized that Mr. Neo had some information regarding the environment sought by Mrs. Lee, but he did not provide this information. Therefore, from this standpoint, Mrs. Lee has one ground to rescind the contract. The contract engaged by Mr. Neo and Mrs. Lee has several grounds on which rescission of the contract can be successful. According to the law of contract, rescission can only take place when the contract in question has taken place[Tre13]. It is considered that the contract between Mr. Neo and Mrs. Lee was in place because there was a mutual verbal agreement and a signed LOI which in her opinion was signed to signify engagement into a contract. However, one
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