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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.
A finding of misrepresentation allows for a remedy of rescission and sometimes damages depending on the type of misrepresentation. Misrepresentation is also capable of giving rise to an action in tort as well as contract law, for the tort of deceit.n cases of fraudulent misrepresentation, the remedy is either rescission or a claim for damages. The remedy to injured party for negligent misrepresentation is in common law a claim for damages. In other words, actual losses only are recoverable.