Rescission meaning

rĭ-sĭzhən
Frequency:
The termination of a contract unilaterally by a party for substantive legal reasons, such as the failure of the other party to perform its obligations; or, the mutual termination of a contract, with the result that both parties are restored to the status quo ante (see also rescind); a remedy that one may seek in a court of equity that results in a termination of the contract as though it had never existed.
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The act of rescinding.
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(law) The termination of a contract by mutual agreement or as a result of fraud or some legal defect.
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The act of rescinding.
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An act of removing, taking away, or taking back.
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(law) The undoing of a contract; repeal.
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Origin of rescission

  • Latin rescissiō rescissiōn- from rescissus past participle of rescindere to rescind rescind

    From American Heritage Dictionary of the English Language, 5th Edition

  • 1651, Late Latin rescission, rescissio, from Latin rescindō (“I cut back"), from re- (“back") + scindō (“I cut").

    From Wiktionary