Series 63 practice questionmediumSeller's Remedies
A seller realizes a sale may have violated the USA and sends a written rescission offer to the buyer, including interest, within the legal timeframe. Which statement is TRUE if the buyer does not respond within 30 days?
- AThe buyer loses the right to sue for damages✓ Correct answer
- BThe rescission offer is invalid unless accepted
- CThe seller must make a second rescission offer
- DThe buyer can sue for triple damages
Explanation
Why A — The buyer loses the right to sue for damages
If the buyer does not respond within 30 days, the right to sue is forfeited per Section 410. The offer is valid even without acceptance, and triple damages are not provided for.
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