Rescission Agreement
/rɪˈsɪʒən əˈɡrimənt/
Definitions
- (n.) A contract by which parties mutually agree to cancel and terminate a previously existing agreement, restoring their positions as if the original contract had never existed.
The parties entered into a rescission agreement to nullify their prior sales contract.
Forms
- rescission agreement
- rescission agreements
Related terms
See also
Commentary
A rescission agreement must clearly express mutual assent to cancel the original contract and often involves restitution to avoid unjust enrichment.
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.