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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. [1] Rescission is the unwinding of a transaction.
equitable compensation; appointment or removal of fiduciary; interpleader; equitable tracing as a remedy for unjust enrichment; The two main equitable remedies are injunctions and specific performance, and in casual legal parlance references to equitable remedies are often expressed as referring to those two remedies alone. Injunctions may be ...
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 is a legal protection under the Truth in Lending Act (TILA) that allows you to cancel certain home financing agreements without any financial penalties.
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]
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. [241]
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:
What does it mean to refinance a mortgage? Refinancing is a process of trading in your current mortgage to another lender for lower rates and better terms than your current loan. With a refinance ...