Georgio listed his property for sale with Tony Principi, principal broker for Principi Realty. Georgio decides to seek a tenant
for his property rather than sell, so he asks Tony to remove the property from the market. If Tony agrees to release Georgio from his obligations under the contract, agency has been terminated by:_______.
Georgio listed his property for sale with Tony Principi, principal broker for Principi Realty. Georgio decides to seek a tenant for his property rather than sell, so he asks Tony to remove the property from the market. If Tony agrees to release Georgio from his obligations under the contract, agency has been terminated by:<u>rescission</u>.
Explanation:
Rescission is the action of nullifying a contract or legal act. In this way, the obligations and / or rights of the parties cease to be in force. In other words, a rescission is a formal act by which a legal relationship ceases to have validity or, simply, is annulled. A rescission constitutes one of the types of contractual ineffectiveness, that is, the lack of production of all or part of the effects of a contract.
