Rescission refers to

	1.	an equitable remedy in which one party believes there is a mistake in the contract.
	2.	a discretionary remedy developed through common law by following a precedent.
	3.	all of the above.
	4.	a contract that exists until set aside by a court.
	5.	an equitable remedy that withdraws a contract and attempts to return both parties to their original positions.

Is it necessary to have a written agreement in order to have a partnership?

	1.	No, a partnership is like copyright - it automatically comes into existence when people start acting like partners.
	2.	Yes, while not all contracts need to be written, a partnership contract must be written.
	3.	No. A partnership can only come into existence with formality. Though the partnership agreement may be oral.
	4.	Yes, any contract you want to be enforceable must be written.
	5.	No. A partnership may come into existence without formality. A partnership agreement may be oral, or may be implied from conduct.