RESCISSION

Rescission

In contract law, rescission has been defined as the unmaking of a contract between parties. Rescission is the unwinding of a transaction. This is done to bring the parties, as far as possible, back to the position in which they were before they entered into a contract .

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rescission

Noun

  1. An act of removing, taking away, or taking back.
  2. The undoing of a contract; repeal.


The above text is a snippet from Wiktionary: rescission
and as such is available under the Creative Commons Attribution/Share-Alike License.

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