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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.
The avoiding of a voidable transaction amounts to the rescinding it or exercising a power of rescission and as such, it is subject to the general law in that regard. The right to rescind can be lost. In common law, there are generally said to be four "bars" to rescission, any one of which will cause the agreement to no longer be considered ...
A contract lays down what must be done, what cannot be done, and when it must be done. If what was prescribed has not been done within the stipulated or reasonable period, there has been a breach of contract. A further form of breach of contract is conduct indicating an unwillingness or inability to perform an obligation arising from that contract.
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.
If this is the case in your state, either party may cancel the contract without penalty during this period. Otherwise, if the contract does not stipulate a cooling-off period, there isn’t one.
Under s. 2(2) of the Misrepresentation Act 1967, the court has the discretion to award damages instead of rescission, "if of opinion that it would be equitable to do so, having regard to the nature of the misrepresentation and the loss that would be caused by it if the contract were upheld, as well as to the loss that rescission would cause to ...
Where a contract or term is voidable, the party entitled to avoid may either conditionally or unconditionally choose to affirm the contract or term as outlined in Article 3.2.9 of the Principles which states that "if the party entitled to avoid the contract expressly or impliedly confirms the contract after the period of time for giving notice ...
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) LL Fuller, MA Eisenberg and MP Gergen Basic Contract Law (9th edn 2013)
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related to: rescind vs cancel contract meaning