In General –
- All of the essential Requisites of a contract exist
- The contract is valid
- Defective because of the injury or damage to either the contracting parties or to third persons’
- as consequence of which it may be rescinded by means of proper action for Rescission.
- Their defect consists in injury or damage either to one of the contracting parties or to third persons.
- Before the Rescission, they are valid and therefore, legally effective.
- They can be attacked directly only, and collaterally.
- They can be attacked only either by a contracting party or by a third person who is injured or defrauded.
- They are susceptible of convalidation only by prescription and not by ratification.
- Rescission is a remedy granted by law to the contracting parties, and even to third persons,
- To secure reparation of damages caused to them by a contract,