Contract law[]
Rescission (to rescind or set aside a contract) has been defined as the unmaking of a contract between the parties.[1] 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 (the "status quo ante"). This an equitable remedy and is discretionary. The court may decline to rescind a contract if one party has affirmed the contract by his action[2] or a third party has acquired some rights or there has been substantial performance in implementing the contract.
References[]
| This page uses Creative Commons Licensed content from Wikipedia (view authors). | 
|