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 ?
Inadequate consideration of local communities and indigenous peoples who hold governance and manage APACS for their integration into Decision-making and planning systems at local, national,
The investment firm believes that Outdoor Channela[euro](tm)s board had run an inefficient process and accepted an inadequate consideration, thus signing a deal that is not in the best interest of outside shareholders.
The investment firm believes that Outdoor Channel's board had run an inefficient process and accepted an inadequate consideration, thus signing a deal that is not in the best interest of outside shareholders.
The court made a distinction that a release is a surrender of a cause of action, which may be gratuitous, or given for inadequate consideration.
The result has been frustrating in Oregon and other states that lost their ability to have the final say on licensing, with the FERC giving inadequate consideration to environmental, economic and other critical issues.
The lawsuit alleged directors breached their duties by approving a merger for inadequate consideration and disseminating a misleading proxy statement.
Although Fisher refers to the work of such philosophers as Elizabeth Anscombe, Peter Geach, and Alasdair MacIntyre, his references are perfunctory, suggesting inadequate consideration of the connection between their work and his present effort.
Inadequate consideration is not void; however, it can make a contract unenforceable either by itself or due to procedural defects in bargaining
To determine the amount of the gift versus consideration, an advisor may find Q 7584 which states "if property is transferred gratuitously or for an inadequate consideration, (of the full value of the property transferred or the portion in excess of the consideration given) it will be considered a gift.