What is Rescission?

[I-luvmoney]

What is rescission?Rescission is an equitable remedy that wipes out the existing contract and restores the parties to their situation prior to entering into the contract. In general terms, rescission refers to the cancellation of a contract. If money has been paid by one party to another, that money is returned as part of the rescission process.

Rescission can occur as a result of innocent or fraudulent representation, mutual mistake, lack of legal capacity, an impossibility to perform a contract not contemplated by the parties, or duress and undue influence. For example, assume you agreed to sell and the buyer agreed to buy two acres of land that you thought you owned. Later, it turns out that you did not have title to the property. Rescission would be the proper remedy.

articel from Free Advice.com

[I-luvmoney]

Recession? Depression? What's the difference?

Depression

Before the Great Depression of the 1930s any downturn in economic activity was referred to as a depression. The term recession was developed in this period to differentiate periods like the 1930s from smaller economic declines that occurred in 1910 and 1913. This leads to the simple definition of a depression as a recession that lasts longer and has a larger decline in business activity.

read here http://economics.about.com/cs/busine...ressions_2.htm

[moneysense]

That is an interesting post. Something, that I am aware that most people arent aware of.

[kst$]

Very interesting .. Thanks for posting it.. either way is stinks , the poor are really suffering. and the ones of us that make it from paycheck to paycheck are far behind