Rescission: meaning, definitions and examples
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rescission
[rɪˈsɪʒən ]
Definition
legal context
Rescission is a legal remedy that nullifies a contract, making it as if the contract never existed. This can occur when there has been a fundamental breach, misrepresentation, or fraud in the formation of the contract. It allows the parties to return to their pre-contractual position. Rescission can be initiated by either party and often requires the return of any benefits exchanged under the contract. In some cases, rescission may be set to occur automatically by the terms of the agreement.
Synonyms
abolition, annulment, cancellation, termination.
Examples of usage
- The rescission of the agreement was necessary due to fraud.
- They sought rescission after discovering hidden defects in the property.
- The judge ordered the rescission of the contract.
- Rescission was achieved by mutual consent of both parties.
Interesting Facts
Legal Context
- Rescission is often used in law to undo contracts when one party misled another.
- There are specific conditions under which a rescission can occur, such as fraud or mutual mistake.
- In many jurisdictions, rescission must be requested within a certain timeframe after the contract is signed.
Economic Principles
- Rescission can be a strategy in business operations, reflecting changing market conditions.
- In economics, rescission can lead to a correction in the market by removing unviable contracts.
- The concept relates to the broader economic principle of minimizing losses in response to unfavorable circumstances.
Cultural References
- In literature, characters often seek rescission in their relationships when faced with betrayal or deception.
- Movies frequently explore themes of rescission, especially in plot twists where characters retract their agreements or actions.
- In pop culture, rescission is sometimes depicted humorously in situations where someone tries to take back a poor decision.
Psychological Aspects
- The urge for rescission can stem from cognitive dissonance, where a person feels discomfort for making a wrong choice.
- Decisions involving rescission often involve emotional factors, such as regret or anxiety about the future.
- Psychologists suggest that the ability to rescind decisions can lead to improved mental well-being, allowing for mistakes to be corrected.
Historical Evolution
- The concept of rescission has roots in Roman law, which emphasized fairness in contracts.
- Historically, rescission has played a role in landmark legal cases that shaped modern contract law.
- As societies evolved, the need for rescission grew with the complexity of business transactions.
Translations
Translations of the word "rescission" in other languages:
🇵🇹 rescisão
🇮🇳 निरसन
🇩🇪 Widerruf
🇮🇩 pembatalan
🇺🇦 скасування
🇵🇱 uchwała
🇯🇵 撤回
🇫🇷 résiliation
🇪🇸 rescisión
🇹🇷 fesih
🇰🇷 해지
🇸🇦 إلغاء
🇨🇿 zrušení
🇸🇰 zrušenie
🇨🇳 解除
🇸🇮 preklic
🇮🇸 niðurlagning
🇰🇿 жою
🇬🇪 გაუქმება
🇦🇿 lazım
🇲🇽 resolución