Rescind means to revoke, cancel, or annul a contract, agreement, or legal obligation. It involves terminating a contractual arrangement or agreement, typically due to a breach of contract, mutual agreement between the parties, or other legal grounds. Rescission essentially restores the parties to their original positions before the contract was formed, undoing the legal effects of the agreement. This action may involve returning any consideration exchanged, reversing transactions, or otherwise nullifying the terms of the contract. Rescission can occur by mutual consent of the parties or through legal action initiated by one party seeking to invalidate the contract.
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This glossary post was last updated: 29th March 2024.
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