Finance: What is Rescission?

What is rescission? Hit play to find out.

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SubjectsFinance and Economics
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Transcript

00:26

and you weren't in Denmark or maybe the contract stipulated that Super Bowl

00:30

t-shirts had to be delivered before Super Bowl Sunday so when they arrived [The before term in the contract is highlighted]

00:35

the Monday afterward while that contract got rescinded or the rescission might

00:39

have happened because the product just didn't work the way it was you know

00:43

supposed to another big example comes from your kindly loving insurance [Woman looks upset with her champions t-shirt]

00:47

underwriters you claimed you had a smoke detector in your house but you didn't

00:52

and after your buddy pyro Pete's visit while the house burned down the [Pyro Pete using a flamethrower in the kitchen]

00:56

insurance adjuster looks and looks for that smoke detector but doesn't find it

01:00

and guess what your insurance contract claim is rescinded you lied [Rescinded stamp]

01:05

ie made fraudulent representations so you know no soup for you or no million [Firefighters working on a blaze]

01:11

dollar insurance policy payout well rescission happens or can happen in

01:15

nearly any and all sales transactions sometimes that of buyers behest like

01:19

during the cooling off period immediately after someone has purchased [Someone handing over a check]

01:22

a car and is experiencing buyer's remorse or if the wife is experiencing

01:27

you know marriers remorse yeah oh well sorry there [Husband doesn't look impressed by the food his wife has cooked]

01:31

maybe go with the car