re·scis·sion /ri-'si-zhən/ n: the act, process, or fact of rescinding esp. a contract; specif: the equitable judicial remedy of rescinding a contract in a suit brought by one of the parties compare reformation
re·scis·so·ry /ri-'si-zə-rē, -'si-sə-/ adj

Merriam-Webster’s Dictionary of Law. . 1996.

The revocation or cancellation of a contract or agreement; a cancellation of a contract that returns the parties to their condition before they entered into it.

The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. . 2008.

revocation of a contract. In the event of a breach of a contract, rescission is the remedy sought to bring the contract to an end, allowing the innocent party to perform no further, recover any part performance and seek damages. It is an equitable remedy and will not be granted unless restitutio in integrum can be made – 'restoration of the parties' pre-contractual state': Buckland v. Farmer and Moodey [1978] 3 All ER 929.
The Misrepresentation Act 1967 allows a court to award damages in place of rescission if equitable in relation to the position of the parties if rescission were granted, in cases of innocent misrepresentation.
In Scots law the position is not so clear that a definite answer can always be given. This is because the trigger is the notion of material breach, which can mean either breach of a very significant term or a breach that has great effects. The most general accepted version is to determine whether the stipulation breached is one that goes to the root of the contract: Wade v . Waldon 1909 SC 571.
Applying to the whole of the UK, under the Sale of Goods Act 1994, a consumer has a statutory right of rejection for breach of the major implied conditions no matter how trivial the result; for non-consumers the breach must be material.

Collins dictionary of law. . 2001.

Cancellation of a contract by mutual agreement of the parties.
Category: Business, LLCs & Corporations
Category: Representing Yourself in Court
Category: Small Claims Court & Lawsuits

Nolo’s Plain-English Law Dictionary. . 2009.

Where the contract is set aside and the parties are put back into the position in which they were before the contract was made. It is one of the remedies available for misrepresentation. Rescission is an equitable remedy and will not be available if one of the bars to rescission is present (such as affirmation of the contract or lapse of time).
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Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

n. The termination of a contract unilaterally by a party for substantive legal reasons, such as the failure of the other party to perform its obligations; or, the mutual termination of a contract, with the result that both parties are restored to the status quo ante
(See also rescind); a remedy that one may seek in a court of equity that results in a termination of the contract as though it had never existed.

Webster's New World Law Dictionary. . 2000.

The abrogation of a contract, effective from its inception, thereby restoring the parties to the positions they would have occupied if no contract had ever been formed.

Dictionary from West's Encyclopedia of American Law. 2005.

The abrogation of a contract, effective from its inception, thereby restoring the parties to the positions they would have occupied if no contract had ever been formed.
II The unmaking or undoing of a contract; repeal.

Short Dictionary of (mostly American) Legal Terms and Abbreviations.

   the cancellation of a contract by mutual agreement of the parties.
   See also: rescind

Law dictionary. . 2013.

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Look at other dictionaries:

  • Rescission — Re*scis sion (r? s?zh ?n), n. [L. rescissio: cf. F. rescission. See {Rescind}.] The act of rescinding, abrogating, annulling, or vacating; as, the rescission of a law, decree, or judgment. [1913 Webster] …   The Collaborative International Dictionary of English

  • Rescission — (v. lat.), die Aufhebung, Umstoßung. Rescissĭo actōrum princĭpis, die Vernichtung der Anordnungen, ertheilten Privilegien etc. eines Kaisers nach dessen Tod od. Absetzung, befohlen vom Senat od. dem nachfolgenden Kaiser …   Pierer's Universal-Lexikon

  • Rescission — Rescission, lat. deutsch, Aufhebung, Annullirung …   Herders Conversations-Lexikon

  • rescission — (n.) 1650s, from L.L. rescissionem, noun of action from rescindere (see RESCIND (Cf. rescind)) …   Etymology dictionary

  • rescission — [ri sizh′ən] n. [LL rescissio] the act of rescinding rescissory [ri sis′ə rē, risiz′ə rē] adj …   English World dictionary

  • Rescission — Overturning redirects here. For other uses, see Turning over (disambiguation). Contract law …   Wikipedia

  • rescission — Cancellation of a contract without penalty. Regulation Z provides circumstances under which a borrower may cancel loan transactions involving nonpurchase money liens on the borrower s principal place of residence. The regulation permits such… …   Financial and business terms

  • rescission — The right of a party to a contract to have it set aside and to be restored to the position he was in before the contract was made. This is an equitable remedy, available at the discretion of the court. The usual grounds for rescission are mistake …   Big dictionary of business and management

  • rescission — /rəˈsɪʒən/ (say ruh sizhuhn) noun the act of or procedure for rescinding: the rescission of a motion in parliament. {Late Latin rescissiōn , stem of rescissiō} …  

  • rescission — noun Etymology: Late Latin rescission , rescissio, from Latin rescindere Date: 1651 an act of rescinding …   New Collegiate Dictionary

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