BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -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 also: rescission.

Detailed explanation-2: -Rescission of agreement can either be express or implied.

Detailed explanation-3: -Rescission may take place if one of the contracting parties lacks the ability to legally enter into a contract. For instance, when a party is under 18 years of age, intoxicated, mentally incompetent, or ill, a party cannot enter into a contract.

Detailed explanation-4: -3 The right of rescission is available under Section 19 of the Indian Contract Act, 1872(hereinafter “the Act”), where the consent is caused by fraud, misrepresentation or coercion; the right to rescind the contract in the case of undue influence is dealt with under Section 19A of the Act.