The effect of the second class currents with and without time reversal invariance has been studied in the quasielastic production of nucleons and hyperons induced by neutrinos and antineutrinos from the nucleons. The numerical results are presented for the total scattering cross section (σ) as well as for the longitudinal, perpendicular, and transverse components of the polarization of the final baryons (p, n, Λ, Σ − , Σ 0 ) and muon produced in the quasielastic (anti)neutrino-nucleon scattering induced by the weak charged current. In the case of the production of the Λ hyperon, which is the most suitable candidate for making the polarization measurements, we have also calculated the Q 2 dependence of the polarization observables and the differential scattering cross section (dσ=dQ 2 ). The measurement of the polarization observables and their Q 2 dependence provides an independent way to determine the nucleon-hyperon transition form factors at high Q 2 which can provide tests of the symmetries of the weak hadronic currents like G invariance, T invariance, and SU(3) symmetry.