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Contract law Edit

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 Edit

  1. Abdallah, Inc. v. Martin, 242 Minn. 416, 420, 65 N.W.2d 641, 644 (1954)(full-text).
  2. See Long v Lloyd, [1958] 1 WLR 753.

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