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"Rescission" at common law. 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.
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.
Walker, 66 Mich. 568, 33 N.W. 919 (Mich. 1887), [1] was a case that has played an important role in the evolution of American contract law involving the doctrine of mutual mistake. One of the main issues in the case was whether the remedy of rescission is available if both parties to a contract share a misunderstanding about an essential fact. [2]
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 Truth in Lending Act (TILA), or Regulation Z, is a federal law that protects you from unfair and predatory lending practices. Under TILA, you have the right to rescission. This is a consumer ...
The Contracts (Rights of Third Parties) Act 1999 (c. 31) is an Act of the Parliament of the United Kingdom that significantly reformed the common law doctrine of privity and "thereby [removed] one of the most universally disliked and criticised blots on the legal landscape". [2]
I Ayres and RE Speidel, Studies in Contract Law (2008) SJ Burton and MA Eisenberg, Contract Law: Selected Source Materials Annotated (2011) RE Barnett, The Oxford Introductions to U.S. Law: Contracts (2010). MA Chirelstein, Concepts and Case Analysis in the Law of Contracts (6th edn 2010) EA Farnsworth, Contracts (2008)
The Rescission Act of 1946 (Pub. L. 79–301, H.R. 5158, 60 Stat. 6, enacted February 18, 1946, codified at 38 U.S.C. § 107) is a law of the United States reducing (rescinding) the amounts of certain funds already designated for specific government programs, much of it for the U.S. military, after World War II concluded and as American military and public works spending diminished.