Rescind

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Rescind

To cancel a contract because of misrepresentation, fraud, or illegal procedure.

Rescind

To cancel a contract and declare it invalid from its beginning. When a contract is rescinded, both parties are restored to the status quo before the contract was entered (as much as possible). Rescission may occur by mutual agreement, or when one of the parties misrepresented himself/herself before the contract was signed.

rescind

To withdraw or undo.The act itself is called rescission. If a party has a right of rescission, the party may rescind a transaction.Important rescission rights include the following:

• Under the Truth-in-Lending Act, consumers may rescind a loan transaction if the lender failed to provide all required disclosures.

• Certain state laws give homeowners the right to rescind sales contracts for properties in danger of foreclosure.

• Most states still allow insurance companies to rescind policies if there was a fraud in the representations made to secure the policy.

• Acontract may be rescinded if there was fraud in the inducement, meaning a fraud with the underlying transaction and not with the nature of the contract or document signed.

• Under the Truth-in-Lending Act, consumers refinancing their principal residence or taking out a home equity line of credit may, with certain exceptions, rescind the loan within 3 business days and not owe any interest or fees.

References in periodicals archive ?
Thus, the proponents for rescinding Section 654 can argue that its rescindment will have no effect on good order and discipline.
Princess Cruises recently announced it will abandon the port of Seward in favor of nearby Whittier next season, following Whittier's rescindment of a $1 head tax and minimal ship service fee.
He may well join forces with Sam Allardyce who will seek a rescindment of his player's ban, but even that may not be enough to inject a bit of common sense into the denizens of Soho Square.