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Today, a majority of courts permit a rescission of a contract for negligent or innocent
misrepresentation, provided that all the remaining elements of fraud are present and the
misrepresentation is material.
Concurrent conditions occur when mutual duties of performance are to take place
simultaneously.
What is the trustee in bankruptcy and what is the role of the trustee in bankruptcy
proceedings? What powers and duties does the trustee have?
Elder, an authorized agent for Mullins, signs a negotiable instrument, 'Mullins,
principal, by Elder, agent.' Mullins has primary liability and Elder has secondary
liability on the instrument.
By paying the holder on an instrument, a party may be discharged from liability.
Under the UCC, an acceptance must always be identical to an offer for a valid contract
to be formed.
