What Is Rescission In Contracts Law?

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From legal perspective, rescission of a contract is distinguishable from cancellation of a contract. Rescission reverts the contract to the day it had not been signed as if the contract had not been made. In fact, the rescinded contract becomes a nullity as if it had never existed. As such, it behooves us to ascertain how and when a contract is rescinded and what would be the legal implications of such rescission or lack thereof.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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