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Many friends don't know what revocation right is. When the person who has the right to cancel chooses to give up the right to cancel, it is the right to cancel. What are the situations in which the revocation right is eliminated? What are the legal consequences of the cancellation right? Next, Bian Xiao introduced the situation and legal consequences of the revocation right in detail.
First, the situation of cancellation right.
1. The party with the cancellation right has not exercised the cancellation right within 1 year since it knew or should have known the cause of the cancellation right.
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The holder of the cancellation right must exercise the cancellation right within the prescribed period. Because revocable contracts often only involve the problem that one party's meaning is untrue. If the parties voluntarily accept the consequences of such a contract, the law will allow it.
This contract is valid. However, if the revocation right holder does not exercise his rights for a long time and does not advocate the termination of the contract, the contract will be in an unstable state for a long time, which is not conducive to the stability of the social and economic order, nor to speeding up the transaction.
Development; At the same time, it may make the court or arbitration institution unable to make a correct judgment because of too long time when judging whether to approve the cancellation. However, it should be noted that during the period of 1 year, the party with cancellation right must exercise the cancellation right.
The right to cancel, otherwise, the parties will lose the right to cancel the contract, and then the parties must accept the constraints of the contract and perform their obligations under the contract. The provisions of this article shall be revoked as of the date when the parties know or should know.
1 year is the revocation period of a revocable contract, that is, the exercise period of the revocation right is counted from the date when the parties know or should know the reasons for revocation. But this "1 year" is a fixed period and has the right to cancel it.
The parties cannot ask for an extension of this time limit.
2. After knowing the reasons for cancellation, the parties to the cancellation right clearly express or give up the cancellation right with their own actions.
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The right of cancellation is a right of the party who enjoys the right of cancellation. The party can exercise the right of cancellation or give up the right of cancellation. The parties can waive the right of cancellation in two ways: the first is that the party with the right of cancellation knows the cancellation.
After the cancellation, it is clearly stated that the cancellation right is waived. Giving up the right of revocation by express means is a typical way to dispose of rights. The explicit expression of waiver of cancellation right can be expressed orally or used.
The written method is very clear. Any implied way does not constitute a waiver of the right to cancel. The second is that the party who has the right to cancel has given up the right to cancel by his own behavior. The party with cancellation right waives its cancellation right.
When revoking the right, it is not necessary to make it clear to the parties that he can also give up the right of revocation through his own actions.
Second, the legal consequences of the cancellation right
After the party with the right to cancel waives the right to cancel, the legal effect is that the right to cancel disappears and the contract has absolute effect. The parties shall not demand the termination of the contract for the same reason, but shall perform their obligations in accordance with the provisions of the contract, otherwise it will constitute a breach of contract.
Exercising the right of cancellation means that the parties choose to request the relevant institutions to cancel the relevant contracts; The elimination of the right of revocation means that the person who has the right of revocation chooses to give up the right of revocation. The elimination of the right of revocation needs to meet the above two situations and bear the corresponding legal consequences. The elimination of the right of revocation means that this right is no longer exercised. The revocation right holder should think twice, or consult relevant lawyers, or apply for legal aid.
Extended reading:
The relationship between revocable contract and invalid contract and how creditors exercise their cancellation right
What is the limitation of action for the return of property under an invalid contract?
The exercise and effect of creditor's right of cancellation