Lou and Mira want to rescind their contract under which Lou sold an MP3 player to Mira for $50. To rescind the contract
A) Lou must return the $50 and Mira must return the player.
B) Lou must return the $50 only.
C) Mira must return the player only.
D) the parties can keep the "benefits" of their bargain.

Question

Quizplus · Accepted Answer

Rescinding a contract means that the parties want to undo the agreement and return to their original positions. In this case, Lou must return the $50 and Mira must return the MP3 player for the contract to be rescinded. Both parties must give back what they received in order for the contract to be fully undone.

Lou and Mira Want to Rescind Their Contract Under Which