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: -Rescind means to cancel or revoke.

Detailed explanation-3: -Cancellation of a contract. Rescission may be unilateral, as when a party rightfully cancels a contract because of another party’s material breach. Rescission can also be mutual, as when the contracting parties agree to discharge all remaining obligations.

Detailed explanation-4: -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-5: -Rescission is cancelling the contract as if it had never existed. This is to be contrasted with termination which stops the contract at the time it is terminated. The act of rescission means that the parties are restored to the status quo prior to contract and the contract is treated as never having existed.