Rescission
/rɪˈsɪʒ.ən/
Definitions
- (n.) The act of voiding or canceling a contract, restoring parties to their original positions.
The contract was terminated by rescission due to mutual mistake.
Related terms
See also
Commentary
Rescission is distinct from termination as it nullifies the contract ab initio, rather than ending it prospectively.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.