A seller in Concord delivers the Transfer Disclosure Statement (TDS) to the buyer by certified mail on a Monday. Under California Civil Code §1102.3, what is the last day the buyer may exercise the right to rescind based on the TDS?
Correct Answer
A) Saturday (5 days after mailing)
Under California Civil Code §1102.3, when the TDS is delivered by mail, the buyer has 5 days from the date of mailing to rescind the contract. Since the TDS was mailed on Monday, the buyer has until Saturday (5 days later) to exercise the rescission right.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A bilateral contract is an agreement in which both parties exchange promises and are both obligated to perform, while a unilateral contract is one in which only one party makes a promise and the other party is not obligated to act.
A breach of contract occurs when one party fails to perform their obligations under the contract without a legal excuse. The non-breaching party is entitled to legal remedies including damages, specific performance, or contract rescission.
Consideration is something of value exchanged between parties to a contract, making the agreement legally binding. It can be money, a promise to act, a promise to refrain from acting, or anything else of value.
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