Rescind (Rescission)

Definition: To rescind a contract is to undo it, generally seeking to restore the parties to the positions they held before the agreement.

Example

Where a valid basis for rescission exists, the parties may return transferred money or property as the agreement is unwound.

Keep the distinction clear

Rescission is not simply finishing a contract or ending future duties while keeping everything already received. It requires an agreed or legally recognized basis; a change of mind alone is not enough.

Related terms

Voidable Contract · Default · Specific Performance

Keep studying

Valid, Void, Voidable, and Unenforceable Contracts

References: Cornell LII: rescission

Pronunciation (US): rih-SIND; rih-SIZH-un (capitals show stress)

Pronunciation reference: Merriam-Webster