Dictionary

  • Rescission

    The election of one party to a contract, upon the other’s breach, to treat the contract as at an end. Thus by operation of law, all future obligations are cancelled. The cancellation of a contract from its inception on the ground of fraudulent misrepresentation or duress by operation of law, where one party advises the other of an election to rescind, subject to the possibility of restitutio in integrum.

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