The statement is true.
A party who seeks to rescind or cancel a contract typically has an obligation to notify the other party in a timely fashion. Rescission refers to the act of terminating or undoing a contract, typically due to a breach of contract, misrepresentation, mistake, or other legal grounds. In order to exercise the right to rescind, the party seeking rescission is generally required to provide notice to the other party within a reasonable time frame. This notification allows both parties to address the situation and potentially negotiate a resolution.
