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Rescind |
Also found in: Dictionary/thesaurus, Financial, Wikipedia | 0.04 sec. |
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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) |
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These sales are rescindable if the subagent left any impression in the buyer's mind that somehow his interests were being represented. Ideally, D&O policies should not be rescindable, except in the most extraordinary circumstances wholly unrelated to "securities fraud" allegations. Coverage is not rescindable or voidable to the independent director provided the independent director fully executes his duties as an independent director and the corporation fully implements and adopts the Sarbanes-Oxley Act of 2002, the SEC regulations, and its respective exchange/self-regulatory organization's (SRO's) corporate governance requirements. |
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rescindable
