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.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.

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)

Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. Hill. All Right reserved.
References in periodicals archive ?
Therefore, the breach of a warranty makes the contract rescindable by the insurer but in the event the insurer proves misrepresentation by the applicant and/or insured, the insurer cannot rescind the contract--unless the fact misrepresented is material to acceptance of the risk.
[or] rescindable at the free and arbitrary will of the contracting parties and the complacent acceptance of legislators, seduced by legal positivism." (32)
Recently Wai Chee Dimock has traced the political philosophy of "Civil Disobedience" to the radical pacifism of William Lloyd Garrison and to the Gita as well, not Kreeshna's exhortation to fight, but "Arjuna's protest against it." (6) Dimock explains that Thoreau came "to think of action, not as a feat of the body, proven on the battle field, but as a feat of the soul, proven by the will to disarm and to suffer the bodily consequences of disarming." (7) Dimock acknowledges, however, that pacifism "only had a tenuous and rescindable sway on Thoreau.
By the same token that anger as emotional experience is immanent to its performance in demeanor and interaction, so too anger is transactionally rescindable. Genuine anger can alternate w ith genuine amicability very abruptly, as for example when in situations of indemnity payment certain mourners punctually 'give up' (yaxtimo-) their anger immediately upon the transfer of material valuables, now deferring once again to others and the possibility of bonds of mutual recognition with them.
These sales are rescindable if the subagent left any impression in the buyer's mind that somehow his interests were being represented.