rescission

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re·scis·sion

 (rĭ-sĭzh′ən)
n.
1. The act of rescinding.
2. Law The termination of a contract by mutual agreement or as a result of fraud or some legal defect.

[Latin rescissiō, rescissiōn-, from rescissus, past participle of rescindere, to rescind; see rescind.]

re·scis′so·ry (-sĭz′ə-rē, -sĭs′-) adj.

rescission

(rɪˈsɪʒən)
n
1. the act of rescinding
2. (Law) law the right to have a contract set aside if it has been entered into mistakenly, as a result of misrepresentation, undue influence, etc

re•scis•sion

(rɪˈsɪʒ ən)

n.
the act of rescinding.
[1605–15; < Latin rescissiō, derivative (with -tiō -tion) of rescindere to rescind]
ThesaurusAntonymsRelated WordsSynonymsLegend:
Noun1.rescission - (law) the act of rescinding; the cancellation of a contract and the return of the parties to the positions they would have had if the contract had not been made; "recission may be brought about by decree or by mutual consent"
cancellation - the act of cancelling; calling off some arrangement
law, jurisprudence - the collection of rules imposed by authority; "civilization presupposes respect for the law"; "the great problem for jurisprudence to allow freedom while enforcing order"

rescission

noun
The act of reversing or annulling:
Translations

rescission

[rɪˈsɪʒən] N [of contract] → rescisión f; [of order] → anulación f (Jur) → abrogación f

rescission

n (esp Jur, of judgement, law, decision) → Aufhebung f, → Annullierung f; (of contract etc)Rücktritt m(of von); (of purchase)Rückgängigmachung f
References in periodicals archive ?
In light of this potential shift in the government's position and certain concerns about whether recent letter rulings may have been liberal in their interpretation of the rescission doctrine, tax advisers might encourage clients with facts implicating issues of concern or potentially inconsistent with the contractual right of rescission to seek rescission rulings sooner rather than later.
salient if a right of rescission is allowed at common law where the
For example, where financial statements are submitted as part of the application, and the individuals signing the application believe the financial statements to be accurate at the time they are submitted, a right of rescission may still exist if it is later determined that the financial statements were inaccurate in some respect.
Failure to register entitles the purchaser to a 30-day right of rescission if the purchaser still has the security or an action for damages if the security has been sold.
These statements are only predictions based on management's expectations as of the date of this press release, and involve known and unknown risks, uncertainties and other factors, including: the Company's ability to remain timely in all future filings with the Commission; whether a purchaser of ATM Shares believes a right of rescission is available and, if so, whether such purchaser acts on such belief; whether the Commission or other state regulatory authorities pursue enforcement actions or penalties and fines against the Company; the Company's ability to obtain additional funding; and such other risks and factors that are discussed in the Company's filings with the Securities and Exchange Commission from time to time, including under "Item 1A.
In addition to offering a low price, Liberty Power will provide customers with a 10-day customers' satisfaction guarantee, providing customers with a 10 calendar-day right of rescission that allows them to cancel without penalty.
The draft language stated that construction on the Rushmore would be completed in two years, a clause that would remove the right of rescission under federal ILSA regulations, Held claimed.
When combined with TILA's three-day right of rescission after the closing, the disclosures ensure that a consumer has a minimum of six days to consider the relevant information before finally deciding to enter into a transaction.