To rescind a contract, each party essentially advances to the position he or she would have been in if the contract had been fully executed.

Name: To rescind a contract, each party essentially advances to the position he or she would have been in if the contract had been fully executed.
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Rescinding a contract means to cancel it and return the parties to their pre-contractual positions, as if the contract had never been executed, not as if it had been fully executed.

To Rescind a Contract, Each Party Essentially Advances to the Position