Series 63 practice questionmediumRemedies for Seller
Which of the following is a correct statement about the seller's right under Section 410 when making a rescission offer?
- AThe offer must be made in writing and include payment of interest✓ Correct answer
- BThe offer may be made verbally and does not need to include interest
- CThe offer only needs to return the original purchase price
- DThe offer is valid even if made after the buyer files suit
Explanation
Why A — The offer must be made in writing and include payment of interest
Section 410 requires rescission offers to be in writing and include payment of interest to be valid. Verbal offers and those without interest or after suit is filed are insufficient.
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