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Rescission is an equitable remedy and is discretionary. [4] It is used as a synonym for termination at law. A court may decline to rescind a contract if one party has affirmed the contract by his action, [5] or a third party has acquired some rights or there has been substantial performance in implementing the contract.
Equitable remedies are distinguished from "legal" remedies (which are available to a successful claimant as of right) by the discretion of the court to grant them. In common law jurisdictions, there are a variety of equitable remedies, but the principal remedies are: injunction [5] [6] specific performance; account of profits; rescission ...
Equitable rescission; Equitable rescission gives the innocent plaintiff the right to undo or rescind a contract when the plaintiff entered the contract as a result of fraud, misrepresentation, etc., or when the contract has been breached by the other party. To restore the situation to what it was before the contract, both parties need to return ...
The right of rescission gives you the legal grounds to rescind (hence the name) your portion of certain home financing agreements. In other words, a rescission, in mortgage speak, is your chance ...
Rescission can be effected either by informing the representor or by requesting an order from the court. Rescission is an equitable remedy which is not always available. [77] Rescission requires the parties to be restored to their former positions; so if this is not possible, rescission is unavailable. [78]
Where a personal remedy is awarded, the defendant is ordered to pay the money value of the benefit received. This personal money award is the typical form of restitution ordered. Where a proprietary remedy is awarded, the court recognises (or declares) that the defendant has a beneficial or security interest in specific property of the ...
In the event of a breach of contract, the injured party may seek judicial remedies such as damages or equitable remedies such as specific performance or rescission. [2] A binding agreement between actors in international law is known as a treaty .
It can be argued as a defense, and if raised successfully, can lead to the agreement in question being found void ab initio or voidable, or alternatively, an equitable remedy may be provided by the courts. Common law has identified three different types of mistake in contract: the 'unilateral mistake', the 'mutual mistake', and the 'common ...