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: -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-3: -Repudiation, then, in the sense of a refusal by one of the parties to a contract to parform his obligations thereunder, does not of itself abrogate the contract. The contract is not rescinded.

Detailed explanation-4: -In contract law, rescission has been defined as the unmaking of a contract between parties. Rescission is the unwinding of a transaction. This is done to bring the parties, as far as possible, back to the position in which they were before they entered into a contract (the status quo ante.