Rescission (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 judge ruled that rescission was the appropriate remedy, voiding the contract and restoring the parties to their original positions.
- Due to a lack of disclosure, the court ordered a rescission of the purchase agreement and directed the seller to return the buyer's deposit.
- As a result of the plaintiff's claim, the insurance policy was subject to rescission and all benefits were denied.
- Upon mutual consent, the two companies agreed to rescission of their partnership and began dissolving their business arrangements.
- Rescission was necessary because of misrepresentations made during negotiations, allowing one party to undo the transaction entirely.