rescission
- Noun:
- The act of rescinding; cancellation: In law, "rescission" refers to the act of unmaking or canceling a contract, agreement, or transaction. It aims to restore the parties involved to the positions they were in before the agreement was made, as if it had never existed.
"Rescission" is a formal term used primarily in legal, contractual, and financial contexts. It describes a remedy that voids an agreement from its beginning (ab initio), rather than merely terminating it for the future. It is often sought due to factors like fraud, misrepresentation, mistake, or duress.
- Noun:
- The court ordered the rescission of the contract due to fraudulent misrepresentation.
- Mutual rescission of the agreement was the simplest solution for both parties.
- The company sought rescission of the merger after discovering critical, undisclosed liabilities.
"Right of rescission": A legal right, often granted by statute (e.g., consumer protection laws), allowing a party to cancel a contract within a specified "cooling-off" period without penalty.
- Federal law provides a three-day right of rescission for certain door-to-door sales.
"Rescission and restitution": Often paired terms; rescission voids the contract, and restitution requires each party to return any benefits (e.g., money, property) received under it.
- The remedy included both rescission of the deed and restitution of the purchase price.
Rescind (verb): To cancel, annul, or revoke a contract, law, or order.
- The board voted to rescind the controversial policy.
Rescissory (adj): Having the effect of rescinding.
- The judge granted a rescissory action.
- Cancellation: The act of making something void.
- Annulment: A declaration that something is invalid, especially a marriage or law.
- Revocation: The official cancellation of a decree, decision, or promise.
- Repeal: The action of revoking or annulling a law or act of parliament.
- Ratification: The formal approval or confirmation of an agreement, making it officially valid.
- Enforcement: The act of compelling observance of or compliance with a law, rule, or obligation.
- Validation: The action of checking or proving the validity or accuracy of something.
- The term "recission" is a common misspelling of "rescission." The correct spelling is rescission.
- Rescission is distinct from termination, which ends a contract for the future but does not undo it from the start.
- It is also different from reformation, which corrects or rewrites a contract rather than canceling it entirely.
- (law) the act of rescinding; the cancellation of a contract and the return of the parties to the positions they would have had if the contract had not been made
- recission may be brought about by decree or by mutual consent