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Does rescind mean to cancel?

rescind. v. to cancel a contract, putting the parties back to the position as if the contract had not existed. Both parties rescind a contract by mutual agreement, since a unilateral cancellation of a contract is a "breach" of the contract and could result in a lawsuit by the non-cancelling party. See also: rescission.

What is a sentence for rescind?

This year, we will completely rescind the agricultural tax throughout the country, a tax that China has been collecting for 2,600 years. With the need to derive maximum benefit from the new building, Council agreed to rescind this ban. No consent from any other party is required to vary or rescind this Agreement.

What is an example of rescind?

Rescind is defined as to cancel or make something void. An example of rescind is someone calling off their wedding. To cancel a contract, whether unilaterally or by mutual agreement and restore both parties to status quo ante (the positions they would have been in if the contract had never existed).

What is an example of rescind?

Rescind is defined as to cancel or make something void. An example of rescind is someone calling off their wedding. To cancel a contract, whether unilaterally or by mutual agreement and restore both parties to status quo ante (the positions they would have been in if the contract had never existed).

What does rescind mean in business?

Rescission involves canceling a contract and treating it as though it never existed by ensuring that all its effects are eliminated. To return all parties to their original state, things that were exchanged, such as money, must be returned.

Who can rescind the contract?

A party to a contract is entitled to rescind the contract in the circumstances given in Sections 39, 53, 55, 64 & 65 of the Indian Contracts Act. A party would be unable to go for rescission if it does not restore the other party to the pre-contractual position.

What does rescind the contract mean?

Rescission is retrospective in effect: it cancels the contract from the beginning so that it is treated as never having existed. the rights and duties of the parties under the contract are retrospectively extinguished. each party must (so far as possible) restore to the other any benefits received under the contract.

What are the two types of rescission?

There are two kinds of rescission, namely rescission in equity and rescission de futuro. Also referred to as rescission ab initio, i.e., from the beginning, rescission in equity works by rolling back the contract to the initial state of affairs, before the parties in question accepted the terms of the contract.

What is an example of rescind?

Rescind is defined as to cancel or make something void. An example of rescind is someone calling off their wedding. To cancel a contract, whether unilaterally or by mutual agreement and restore both parties to status quo ante (the positions they would have been in if the contract had never existed).

What does resend mean rescind?

rescind. countermand, repeal, veto; nullify, retract: rescind an agreement. Not to be confused with: resend \u2013 send again; send back: resend a letter.

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