BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Rescission is when a contract is rendered null and void, and so is no longer recognized as legally binding. The courts can free non-liable parties from their agreed obligations and, when possible, will effectively seek to restore them to the position they were in before the contract was signed.

Detailed explanation-2: -Generally speaking, rescission is a statutory and equitable remedy which restores the parties to the condition they were in prior to execution of the agreement. Rescission occurs by mutual consent or following unilateral notice with an offer to restore from the rescinding party under certain statutory conditions.

Detailed explanation-3: -In contract law, rescission is an equitable remedy which allows a contractual party to cancel the contract. Parties may rescind if they are the victims of a vitiating factor, such as misrepresentation, mistake, duress, or undue influence.

Detailed explanation-4: -A mistake of fact is more commonly used as a reason to void or contract rescission. It occurs when the contracting parties involved enter the contract unknowingly using false information or different meanings.