The termination of a contract through its abrogation or annulment by word or act of the parties or by a judgment or decree of the court. The termination of a contract by mutual consent of the parties or pursuant to a condition contained in the contract, or for fraud, failure of consideration, or a material breach or default. Maytag Co. v Alward, 253 Iowa 455, 112 NW2d 654, 96 ALR2d 162. The termination of the contract, and restoration of the contracting parties substantially to their status quo. Anno: 94 ALR 1240. Treating a contract as broken and desisting from further performance, where the other party to the contract has been guilty of a breach of it, is an abandonment of the contract, but it is not a "rescission" technically speaking. It is merely the acceptance of the situation which the wrongdoing of the other party has brought about. Anvil Mining Co v Humble, 153 US 540, 552, 39 L Ed 814, 818, 14 S Ct 876. As the word is applied to contracts, to "rescind" in some cases means to terminate the contract as to future transactions, while in others it means to annul the contract from the beginning. Hurst v Trow Printing & Bookbinding Co. 2 Misc 361, 366, 22 NYS 371. See cancellation.

Ballentine's law dictionary. . 1998.

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  • rescission — re·scis·sion /ri si zhən/ n: the act, process, or fact of rescinding esp. a contract; specif: the equitable judicial remedy of rescinding a contract in a suit brought by one of the parties compare reformation re·scis·so·ry /ri si zə rē, si sə /… …   Law dictionary

  • Rescission — Re*scis sion (r? s?zh ?n), n. [L. rescissio: cf. F. rescission. See {Rescind}.] The act of rescinding, abrogating, annulling, or vacating; as, the rescission of a law, decree, or judgment. [1913 Webster] …   The Collaborative International Dictionary of English

  • Rescission — (v. lat.), die Aufhebung, Umstoßung. Rescissĭo actōrum princĭpis, die Vernichtung der Anordnungen, ertheilten Privilegien etc. eines Kaisers nach dessen Tod od. Absetzung, befohlen vom Senat od. dem nachfolgenden Kaiser …   Pierer's Universal-Lexikon

  • Rescission — Rescission, lat. deutsch, Aufhebung, Annullirung …   Herders Conversations-Lexikon

  • rescission — (n.) 1650s, from L.L. rescissionem, noun of action from rescindere (see RESCIND (Cf. rescind)) …   Etymology dictionary

  • rescission — [ri sizh′ən] n. [LL rescissio] the act of rescinding rescissory [ri sis′ə rē, risiz′ə rē] adj …   English World dictionary

  • Rescission — Overturning redirects here. For other uses, see Turning over (disambiguation). Contract law …   Wikipedia

  • rescission — Cancellation of a contract without penalty. Regulation Z provides circumstances under which a borrower may cancel loan transactions involving nonpurchase money liens on the borrower s principal place of residence. The regulation permits such… …   Financial and business terms

  • rescission — The right of a party to a contract to have it set aside and to be restored to the position he was in before the contract was made. This is an equitable remedy, available at the discretion of the court. The usual grounds for rescission are mistake …   Big dictionary of business and management

  • rescission — /rəˈsɪʒən/ (say ruh sizhuhn) noun the act of or procedure for rescinding: the rescission of a motion in parliament. {Late Latin rescissiōn , stem of rescissiō} …  

  • rescission — noun Etymology: Late Latin rescission , rescissio, from Latin rescindere Date: 1651 an act of rescinding …   New Collegiate Dictionary

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