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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.
PERFORMANCE: when both parties have fully performed the terms and conditions of a contract, the purpose of the contract has been accomplished and the contract is terminated. MUTUAL RESCISSION: an agreement between the contracting parties to terminate their respective duties under the contract.