Rescission
Cancellation of a contract. Rescission may be unilateral, as when a party rightfully cancels a contract because of another party's material breach. Rescission can also be mutual, as when the contracting parties agree to discharge all remaining obligations. Finally, courts can use rescission as a synonym for voiding a contract, as for reasons of public policy.
Definition from Nolo’s Plain-English Law Dictionary
Cancellation of a contract by mutual agreement of the parties.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:23 pm
