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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.
Rescission may occur by mutual agreement, or when one of the parties misrepresented himself/herself before the contract was signed. To withdraw or undo.The act itself is called rescission. If a party has a right of rescission, the party may rescind a transaction.Important rescission rights include the following: â¢ Under the Truth-in-Lending Act, consumers may rescind a loan transaction if the lender failed to provide all required disclosures.