rescission

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Related to recission: Rescission of contract

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 While legal systems differ on the precise reasons for which a contract may be rescinded, it may occur due to an act of God or by mutual consent, provided that no substantial progress has been made toward completion of the contract. In the context of finance and economics, some contracts may be rescinded up to a certain point after they come into effect.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 Likewise, the sale of land may be rescinded by either party up to the point the sale is recorded. Sometimes an option contract, especially a stock option, can be rescinded for a certain time after its exercise; in this situation, the person who exercised the option surrenders the underlying in exchange for the cash he/she paid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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.

rescission

See rescind.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
Recission of a contract is the only remedy referred to by statute or provided for at common law.
If the transfer is to take place after the donor's death, the authority to enforce the recission power is frequently conveyed to a third party known as the enforcer, whose rights, responsibilities, and qualifications can be written into the contract.
(2) President Bill Clinton vetoed a $16 billion recission package in June 1995; however, the HUD recission was not listed among his reasons for the veto.
Two prospective purchasers of Trump Palace apartments are seeking recission by the State Supreme Court of contracts to purchase three units in the luxury condominium.
8 court case later even after recission of an illegal disciplinary procedure, the illegal contracts are still being asserted and the employees dubiously employed--not to mention the perpetrators--still paid from the public purse.
The resulting bipartisan furor forced Drake to rescind his earlier recission. Drake flew to Durham, N.C., and rehired Chemerinsky, who once again accepted, presumably after signing an ironclad contract protecting his right to have an opinion.
Specifically, post-claims underwriting and the recission of long term care contracts after a contestability period ends are practices that regulators and consumer advocates are challenging as being potentially abusive.
The administration opposed a Senate amendment to Title V of the recission bill that would have placed restrictions on the president's ability to direct foreign aid.
No such recission period applies to unprepared investors, however.
1158, the Fiscal 1995 Appropriations Recission Act, cut $1.3 billion in previously appropriated federal waste-water treatment grants,(54) a direct violation of the spirit of the mandate-reform act.
Joy Backer and Juan Shedrick: plaintiff alleges fraud, unlawful trade practices act, unjust enrichment, and recission. Suit seeks $127,000.