Can a beneficiary of a third party creditor beneficiary contract rescind the contract before the commencement of an action against the beneficiary?
California, United States of America
The following excerpt is from R. J. Cardinal Co. v. Ritchie, 218 Cal.App.2d 124, 32 Cal.Rptr. 545 (Cal. App. 1963):
Absent an estoppel, the parties to a third-party creditor beneficiary contract may rescind it at any time prior to the commencement of an action thereon by the beneficiary. (Silveyra v. Harper (1947) 82 Cal.App.2d 761, 766, 187 P.2d 83.) Rescission of such contract thereupon deprives the beneficiary of all rights under the contract.
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