Question

the consequences of legislation enacted to cancel budget authority previously provided by congress before the time when the authority would otherwise lapse (i.e., cease to be available for obligation) is called: group of answer choices

Answer 1

In legislature, any consequences of legislation enacted to cancel budget authority previously provided by Congress before the time when the authority would otherwise lapse is called a rescission.

What do we need to understand about rescission?

In legal term, a rescission refers to when a contract is rendered null and void, and so is no longer recognized as legally binding. As such, the ruling courts can free the non-liable parties from their agreed obligations and will effectively seek to restore them to the position they were in before the contract was signed.

In contract law, a rescission can always occur when there is a material error in the contract, evidence of fraud, a lack of legal or mental capacity as well as other applicable circumstances.

In a typical court, the rescission is seen as an equitable remedy and is discretionary and a synonym for termination at law. A ruling court may decline to rescind a contract if one party has affirmed the contract by his action or a third party has acquired some rights or there has been substantial performance in implementing the contract.

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