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.) Can Big Bank’s president rescind the contract? Under what circumstances can a contract be rescinded by either party? What facts have to be alleged and proven? What is the result of a contract that is rescinded?
After reading the contract and doing some research, I would say No that Big Bank's president cannot rescind the contract. According to legal match.com there are 5 different circumstances in which a contract can be rescinded. (see below)
• Consent: Both parties must manifest their intent to have the contract rescinded. It is best if they indicate their consent through an additional written document
• Issues with contract formation: The contract must be made under legal conditions, and consent cannot be acquired by force or fraud. If the contract was formed under illegal conditions, it may be rescinded. Common formation defects include:
o Fraud: The false representation may related either to the contract’s subject matter or to matters related to the contract
o Lack of capacity: one of the parties lacks to the capacity to negotiate an agreement due to illness, mental incompetence, intoxication, or being underage (under 18 years old)
o Coercion/Duress/Undue Influence: A party cannot be forced to sign a contract under threats of harm or under hostile conditions
o Mistake: Both parties must clearly understand all the terms in the contract.
• One party’s actions indicate that they will not be performing their part of the bargain (“anticipatory repudiation”)
• Consideration has failed, is inadequate, or is illegal.
• Against public interest: A contract may be rescinded if performing it would be against the general consent of the public (for example, a contract requiring one of the parties to be subjected to indentured servitude)
According to legal match.com it also states circumstances in which a contract cannot be rescinded. (See below)
-Substantial performance: One party has confirmed the contract by their actions (for example,...
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