Recission (Noun)
Meaning
(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".
Classification
Nouns denoting acts or actions.
Examples
- The court's ruling led to the recission of the contract, forcing both parties to return all monies exchanged and assets to their original state.
- The clause in the contract allowed for recission in the event of non-payment by one of the parties.
- After reviewing the terms, the client requested recission of the agreement, citing clauses that they felt were unfair.
- Recission of the lease agreement was the landlord's only option when the tenant consistently failed to make payments on time.
- In many countries, the sale of property can be subject to recission if certain conditions outlined in the contract are not met.