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What (who) is Rescind - definition
REMEDY WHICH ALLOWS A CONTRACTUAL PARTY TO CANCEL THE CONTRACT
Rescind; Rescission of contract; Rescinded
rescind
[r?'s?nd]
¦ verb revoke, cancel, or repeal (a law, order, or agreement).
Derivatives
rescindable adjective
Origin
C16: from L. rescindere, from re- (expressing intensive force) + scindere 'to divide, split'.
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
Wikipedia
Rescission (contract law)
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. 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).
Examples of use of Rescind
1. That brought a quick decision to rescind the proposed cut.
2. Hamas has refused to rescind its call for Israel‘s destruction.
3. He said that he hopes officials will rescind their decree.
4. Court proceedings are initiated to rescind the property owner‘s deed.
5. Democrats immediately urged Bush to rescind the order.