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 ?
2) He continued, "it is right for us to rescind this policy and restore critical efforts to protect and empower women and promote global economic development.
Zine said the city followed public meeting laws and will not rescind the vote.
The Financial Accounting Standards Board (FASB) issued an Exposure Draft that rescinds FASB Statement No.
This month's column summarizes three SOPs on investment company accounting for high-yield debt securities; income, capital gain and return of capital distributions; and foreign currency and another SOP that rescinds Accounting Principles Board statements.