Rescission: meaning, definitions and examples
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rescission
[ rɪˈsɪʒən ]
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.
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
Etymology
The term 'rescission' originates from the Latin word 'rescissio', which means 'a cutting off'. It evolved in Middle English from the legal context of voiding or rescinding agreements. The legal use of the term became more prevalent from the 15th century, particularly in civil law and contract law. Rescission allows courts to eliminate obligations arising from a contract that is no longer deemed valid, providing a remedy in cases where contractual terms have been violated or misrepresented. The concept has been integral to contract law to protect parties from unfair terms. In modern legal practices, rescission is often discussed alongside terms such as 'void', 'voidable', and 'dissolution'.