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Rescission at common law (as distinct from rescission in equity) is a self-help remedy: historically, the common law courts simply gave effect to the rescinding party's unequivocal election to rescind the contract. Rescission at common law is only available for fraudulent misrepresentations and duress.
Rescission is the noun form of the verb "to rescind." It may refer to: Rescission (contract law) Rescission bill, a procedure to rescind previously appropriated funding in the United States; A synonym for repeal in parliamentary procedure; Several bills which have used the term in their names:
The Impoundment Control Act of 1974 provides that the president may propose rescission of specific funds, but that rescission must be approved by both the House of Representatives and Senate within 45 days. In effect, the requirement removed the impoundment power, since Congress is not required to vote on the rescission and, in fact, has ...
What is the right of rescission? First, let’s define rescission as it relates to a mortgage loan transaction. The right of rescission gives you the legal grounds to rescind (hence the name) your ...
rescission; rectification; equitable estoppel; certain proprietary remedies, such as constructive trusts [7] subrogation; in very specific circumstances, an equitable lien. [8] equitable compensation; appointment or removal of fiduciary; interpleader; equitable tracing as a remedy for unjust enrichment
The contract before rescission is voidable but not void, so, for a period of time, there is a legal contract. During that time, both parties have legal obligation. If the contract is to be voided ab initio the obligations performed must also be compensated.
Under Philippine law, rescission creates an obligation to return anything that was the object of the contract as well as any profit derived therefrom, and rescission is consequently available only where the party seeking the remedy is able to return or provide reparation for such things. [242]
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.