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rescission. n. the cancellation of a contract by mutual agreement of the parties. (See: rescind). See: abandonment, abolition, ademption, annulment, avoidance, cancellation, countermand, defeasance, discharge, dissolution, negation, repudiation, reversal, termination.
Assent All the parties to the contract must assent to its rescission because mutual rescission involves the formation of a new contract. A meeting of minds can be reached by an offer to rescind and an acceptance by the other party.