Rescission

Definition

• The cancellation of a contract as agreed by all of the parties involved.

Synonyms
annulling a contract, contract rescission, rescinding a contact, retracting a contract, repealing a contract

Related Terms and Acronyms

• Cancellation Clause — Definition,
  • A provision in a lease or other contract that spells out under what conditions the parties can call off the deal.
• Contract — Definition,
  • An agreement between two or more parties that can be enforced by law.
• Non-Cancellable — Definition,
  • A contract or section of a contract that cannot be modified.
• Non-Disclosure Agreement (NDA) — Acronym,
  • A contract that disallows one or more parties from disclosing information covered by the contract.