rescission

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Rescission

The act of abolishing a contract and restoring, as far as possible, the status quo ante. While legal systems differ on the precise reasons for which a contract may be rescinded, it may occur due to an act of God or by mutual consent, provided that no substantial progress has been made toward completion of the contract. In the context of finance and economics, some contracts may be rescinded up to a certain point after they come into effect. For example, some mortgage refinance contracts allow the homeowner a period of three business days after signing the contract in which he/she may unilaterally rescind it. Likewise, the sale of land may be rescinded by either party up to the point the sale is recorded. Sometimes an option contract, especially a stock option, can be rescinded for a certain time after its exercise; in this situation, the person who exercised the option surrenders the underlying in exchange for the cash he/she paid for it.

rescission

The cancellation of a previous exercise of an incentive stock option, generally because of a substantial drop in the price of the stock acquired through the exercise. Rescission results in the employee surrendering stock in exchange for money that was paid for the stock.

rescission

See rescind.

References in periodicals archive ?
The lawsuit alleged directors breached their duties by approving a merger for inadequate consideration and disseminating a misleading proxy statement.
Although Fisher refers to the work of such philosophers as Elizabeth Anscombe, Peter Geach, and Alasdair MacIntyre, his references are perfunctory, suggesting inadequate consideration of the connection between their work and his present effort.
Inadequate consideration is not void; however, it can make a contract unenforceable either by itself or due to procedural defects in bargaining
An inadequate consideration of safety, legal, regulatory and environmental issues.
The review of the spatial strategy relied too much on a mechanistic approach to housing numbers with inadequate consideration of how the provision of infrastructure would be funded.
Inadequate consideration has been given to the potential impact on Holmfirth, its visitors, businesses and traders.
Given that the author is a native of the United Kingdom, there is surprisingly inadequate consideration given to the influence of British science fiction television on American programs and fan-bases.
While I am not against Pool Meadow bus station being a primary bus terminus, I feel that inadequate consideration has been given to the public's safety and security.
Moderator Mark Schaeffer, OUSD (AT & L) principal deputy director for defense systems, and director, systems engineering, gave an overview of challenges: a lack of effective SE implementation, with no "forcing function" for PM or contractor SE activities; program teams incentivized by cost and schedule, not execution of disciplined SE; a lack of balance between the product and the process; an inconsistent focus across the life-cycle; and inadequate consideration of SE in life-cycle decisions for a program.
Sometimes attention is focused so intently on the technical requirements needed to produce and store viable images that ensuring competent care and secure housing for the artifact is given inadequate consideration.
In doing so, inadequate consideration was given to some of the risks of these differing practices and of operating functions from several different offices across Wales.