rescind


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Rescind

To declare a contract void—of no legal force or binding effect—from its inception and thereby restore the parties to the positions they would have occupied had no contract ever been made.

rescind

v. to cancel a contract, putting the parties back to the position as if the contract had not existed. Both parties rescind a contract by mutual agreement, since a unilateral cancellation of a contract is a "breach" of the contract and could result in a lawsuit by the non-cancelling party. (See: rescission)

rescind

verb abolish, abrogare, abrogate, annul, call back, cancel, countermand, counterorder, cut off, cut short, declare null and void, disannul, discard, dismiss, dissolve, do away with, end, erase, negate, nullify, obliterate, override, overrule, quash, recall, recant, remove, render invalid, renege, renounce, repeal, repudiate, rescindere, retract, reverse, revoke, set aside, sweep aside, take back, vacate, void, wipe out, withdraw
Associated concepts: rescind a contract, rescind an offer
See also: abate, abolish, adeem, annul, cancel, disavow, discharge, disclaim, disinherit, disown, extinguish, invalidate, negate, nullify, overrule, quash, recall, recant, renege, repeal, revoke, vacate, vitiate, void, withdraw
References in periodicals archive ?
He said that the statute's language "leaves no doubt that rescission is effected when the borrower notifies the creditor of his intention to rescind.
The right to rescind "must be exercised promptly on discovery of facts that confer the right to rescind, otherwise the right is waived.
Keith Hackett told Mark Halsey to rescind the red card," said Fergie.
Peter's, Okotoks, introduced the motion to rescind the closure saying that the decision of the bishop and the executive had been "pre-emptive and precipitous.
71) As with other relevant portions of the legislation, the authority to rescind the CRTC [section] 19722 penalty can only be exercised by the FTB Chief Counsel and cannot be delegated, and the taxpayer cannot appeal a refusal to rescind a penalty.
This proposed statement also would rescind FASB Statement No.
96 requires pooling companies to rescind or forgo stock repurchase plans to remain eligible for pooling treatment.
Capital Video, the landlord sought to rescind a new commercial lease on the grounds of fraud in the inducement by the tenant.
Gray continued to work through out the summer with the senators' staffs and staff at the USIA to rescind the regulation.
It appears that few if any rescind these high-cost transactions after having received cost disclosures--even consumers who may have been misled about their credit terms or were subjected to high-pressure sales tactics.
Some Marquette faculty and students were upset by the decision to rescind the offer, suggesting the university made it because of O'Brien's sexual orientation and because school officials questioned some of her published works and their relationship to the Catholic church's mission.
On July 19, 2007, the defendant filed a petition to rescind the summary suspension of her driving privileges and requested an immediate hearing pursuant to the Illinois Vehicle Code, 625 ILCS 5/2-118.