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A rescissible contract is one that was entered into legally by the contracting parties but has resulted in
economic damage to one of the parties or an outside party. The court can therefore rescind, or set aside, the
contract for equitable reasons.
A rescissible contract is one that was entered into legally by the contracting parties but has resulted in
economic damage to one of the parties or an outside party. The court can therefore rescind, or set aside, the
contract for equitable reasons.
Any contracts entered into by guardians when their wards suffer lesion by more than one-fourth of the
items that are the object thereof.
A contract agreed to in representation of an absentee, if the absentee suffered the lesion mentioned
above.
Any contracts relating to fraud of creditors when the creditors cannot collect what is owed to him or
her in any other manner.
Anything in litigation if it was entered into by the defendant without the knowledge or approval of the
litigants themselves or a competent judicial authority.
Any other type of contract the law declares subject to rescission.
Under Article 1382, if one party is unable to pay debts owed, the injured party can rescind the contract.
Rescission is only necessary to the extent that it is required to cover damages. The offending party must return
the items that were the subject of the contract, along with interest. Therefore, rescission can only occur if the
person can return what he or she is required to return.
If those things that are the subject of the contract are in the legal possession of a third party who wasn't acting
in bad faith, rescission won't take place. In this situation, the injured party can demand reimbursement of
damages from the person or persons who caused the loss.
What Must Occur Before a Contract Entered Into in Fraud of Creditors Can Be Rescinded?
To rescind a contract for fraud of creditors:
Voidable and Annullable Contracts: These can be defective if one party was incapable of giving
consent or if consent was granted by mistake, threat, violence, fraud, or undue influence.
Unenforceable contracts: These are contracts that can't be enforced for a variety of reasons.
Void or Inexistent Contracts: These have no legal effect because they don't legally exist.
Other defective contracts include those that are partially ineffective and partially valid. They don't fall under any
of the above classifications, are only ineffective with respect to certain persons, but can be effective to other
parties. These are known as Relatively Ineffective Contracts.
Defect itself
Damage or prejudice
Effect
Remedy
Contracts that are void due to defect itself include:
Void contracts cannot be ratified, but voidable contracts can be ratified in some circumstances. Rescissible
contracts might be subject to convalidation, but not official ratification. Unenforceable contracts are also
subject to ratification in some cases.
Under Article 1410, void contracts cannot be cured by prescription, but voidable ones can. Rescissible
contracts can also be cured by prescription while unenforceable ones cannot.