Rescission (Contract) - Definition
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What is Rescission of a Contract?
Rescission simply refers to the cancellation or termination or a contract by an individual. More specifically, in contract law, rescission is the right held by individuals which allows them to cancel or repeal the terms of a contract, hence, returning it to the state maintained before the agreement was made.
Rescission can also be regarded as an act of unwinding a contract. When a contract is rescinded, its terms are cancelled or repealed by a party.