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 ?
There is some concern in industry circles that the decision may open up the floodgates for borrowers seeking to rescind their mortgages.
Although plaintiff may have the right to rescind, the question of whether the global economic crisis of 2008 serves as a ground for rescission remains.
Among them are the different effective dates for different provisions, the new reportable transactions understatement penalty under CRTC [section] 19773, the eight-year extended statute of limitations under CRTC [section] 19755 for abusive tax shelter transactions, the non-economic substance transaction penalty under CRTC [section] 19774, and the statute's providing that the FTB Chief Counsel's decision not to rescind certain penalties is nonreviewable.
In addition, companies are required to rescind existing stock repurchase plans and forgo stock repurchases for up to two years to qualify for pooling accounting treatment.
According to Hartwig, insurers can move to rescind a D&O policy under one of three exclusions--outright fraud has been committed; there was criminal wrongdoing; or there was an intentional act, such as insider trading.
Before writing the prescription, the attending physician must again verify that the patient is making a voluntary and informed request and offer the patient the opportunity to rescind the request.
When the purchaser learned of this reputation, he sought to rescind the contract and secure the return of his $32,500 down payment.
I urge you to immediately cease these practices and abandon your efforts to rescind health insurance coverage from patients who need it most.
Yet, there were vociferous protests directed at the Human Relations Commission to rescind the award, amid accusations that my father was an anti-Semite, Muslim zealot, Hamas sympathizer and any other epithet that might discredit him.
If the IRS refuses to rescind a penalty, that decision is not appealable.
Tries, attempted to rescind the company's approval by notifying two Native American Bands that the commission's written acknowledgment had been sent prematurely.
determined the long-term goals of the Company would be better served without the acquisition, and after meetings with the shareholders of Fuji Construction Company an agreement was entered to rescind the original acquisition.