contracts

Rescission is the cancellation or undoing of a contract that restores the parties to the positions they occupied before the agreement was made.

Restriction is any limitation on activity, by statute, regulation, contract provision, or in a conveyance. However, individuals or entities seeking restrictions may be limited in what they can restrict.

Retainer agreements (also referred to as representation agreements) are a type of compensation agreement with lawyers either for reserving their employment or as compensation for future services. Also inside the agreement are details on the scope and procedure for the representation.

A reverse merger is a procedure used by private companies to go public without the formal registration process required of an initial public offerings (IPO), in which the private compan

Revocation is an annulment or cancellation of a statement or agreement. 

See: revocation.

[Last reviewed in June of 2024 by the Wex Definitions Team]

A right is a power or privilege held by individuals, groups, and entities, usually as the result of a constitution, statute, regulation, or judicial precedent.

The right to cancel a contract is a general right of a party to refuse to perform a legally enforceable contract. While parties may be liable for damages, courts will rarely levy their injunctive powers to coerce parties to complete their end of the bargain, paying homage to the principle of freedom of contract.

The responsibility that a carrier, borrower or user of property or goods takes on if there is a damage or loss to the object is the risk of loss. An insurance company can also agree to insure the object against the risk of loss.

In antitrust law, the rule of reason is a general system of analysis used to determine whether restraints of trade that are not per se unlawful, violate Section 1 of the Sherman Antitrust Act.