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 While legal systems differ on the precise reasons for which a contract may be rescinded, it may occur due to an act of God or by mutual consent, provided that no substantial progress has been made toward completion of the contract. In the context of finance and economics, some contracts may be rescinded up to a certain point after they come into effect.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 Likewise, the sale of land may be rescinded by either party up to the point the sale is recorded. Sometimes an option contract, especially a stock option, can be rescinded for a certain time after its exercise; in this situation, the person who exercised the option surrenders the underlying in exchange for the cash he/she paid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 ?
Brigade reserves all its legal rights, including a right to challenge a potential minority squeeze out that results in grossly inadequate consideration to unitholders.
- Inadequate consideration of local communities and indigenous peoples who hold governance and manage APACS for their integration into Decision-making and planning systems at local, national,
"You must explain why you have chosen to implement uncosted, unpopular, ineffective and undemocratic reforms with undue haste and inadequate consideration, why you have chosen to spend half a billion pounds to take half a step backwards," he told Mr Clarke.
"By the time it's a crisis and affects enrollment then it really has huge financial consequences in a negative way, and I think the go-slow folks have given that way inadequate consideration," he said.
It also said the council gave inadequate consideration to the impact of the development on Mr Morgan's property, which included failing to advise planning committee members properly of all the considerations.
The basic Canadian charging provisions are subsections 69(2) and (3) of the Income Tax Act.(1) The former governs payments to a non-resident person with whom a Canadian taxpayer was not dealing at arm's length;(2) the latter, inadequate consideration paid to a Canadian taxpayer in the same circumstances.
We have serious concerns about the proposed merger, specifically around the lack of strategic alignment, disparate risk profiles between the companies, dilutive impact on BioCryst shareholders, inadequate consideration of strategic alternatives, and disproportionate benefit to a single shareholder."
a one-size fits all approach, with inadequate consideration of the client s needs and circumstances and alternative strategies/asset allocation, with a lack of diversification, and
To have done so would certainly have meant inadequate consideration of a central site and the 'green travel' plans.
TEI believes the Exposure Draft gives inadequate consideration to the adjustments to the tax basis of assets that many countries with hyperinflationary currencies allow when computing taxable income.
inadequate consideration of suitable alternative strategies that would have met clients' needs, and
User-Friendly continues to believe that management and the Rand Board of Directors have agreed to sell control of Rand for materially inadequate consideration relative to the fair value of Rand's assets."