Canadian Securities Course (CSC) Practice Exam

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Which action is associated with the "Right of recission" in finance?

  1. The maximum number of shares a corporation may issue

  2. The right to cancel a purchase if the prospectus has a mistake

  3. The degree of ownership a company has in another

  4. The right to take action for damages due to a misrepresentation

The correct answer is: The right to cancel a purchase if the prospectus has a mistake

The Right of Recission is a legal right given to consumers in certain transactions, including purchases involving financial services. This right allows the purchaser to cancel the transaction and receive a full refund if the contract or agreement contains a mistake or omission. Therefore, options A, C, and D are incorrect because they do not relate to the right to cancel a purchase due to a mistake in the prospectus. Option A is about the maximum number of shares a corporation can issue, option C is about ownership of one company in another, and option D is about taking legal action for damages due to a misrepresentation, none of which directly relate to the Right of Recission.

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