In connection with a contract,what is rescission?

Question

Quizplus · Accepted Answer

Rescission is the act of undoing or canceling a contract. It is typically initiated by one party who wants to be released from the obligations of the contract. Rescission can be voluntary or involuntary, and can be done by mutual agreement or as the result of a legal action. It usually involves returning the parties to the position they were in before the contract was signed. In other words, it's like the contract never happened.

In Connection with a Contract,what Is Rescission