rescission

(redirected from rescissions)
Also found in: Dictionary, Thesaurus, Legal.

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 While legal systems differ on the precise reasons for which a contract may be rescinded, it may occur due to an act of God or by mutual consent, provided that no substantial progress has been made toward completion of the contract. In the context of finance and economics, some contracts may be rescinded up to a certain point after they come into effect.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 Likewise, the sale of land may be rescinded by either party up to the point the sale is recorded. Sometimes an option contract, especially a stock option, can be rescinded for a certain time after its exercise; in this situation, the person who exercised the option surrenders the underlying in exchange for the cash he/she paid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 ?
In order to show that it properly rescinded a motor vehicle insurance policy ab initio, an insurer must demonstrate that it had given notice of the rescission to the insured and that it had returned or tendered all premiums paid, in accordance with Florida law, all in a reasonable time after the discovery of the grounds for avoiding the policy (see Leonardo v State Farm Fire and Cas.
The language in the section would define violations of the rescission rules as an unfair claims settlement practice, and the California Legislature already has given a specific description of unfair claims settlement practices and given itself the sole right to define unfair practices, Kenny says.
As early as 1937, the California Supreme Court confirmed the rule of law of rescission in California as follows: A false representation or a concealment of fact whether intentional or unintentional, which is material to the risk vitiates the policy.
Held, in his court filing, alleged that in Stroock's transmittal letter to the AG, there was no mention of a rescission change, but a reference to "revisions of purchase agreement" and "FDIC disclosure," so the reviewing AG attorney never realized the new language was inserted into the document.
Categories: December 16, 2009, Budget authority, Budget authority rescission, Federal funds, Funds management, Impoundment, Monitoring, Presidential proposals
If the creditor has made all the required disclosures, a consumer has three days to rescind the transaction--but the right of rescission is extended to three years if the creditor fails to deliver the proper disclosures, Ramsey explained.
Information omitted from an application, even by mistake, could be grounds for rescission, and employee bonuses were tied to the rescission investigations.
But is it an epidemic, or is this problem of rescission limited to California?
Taking rescissions into consideration, this year's security assistance funding of $6,067.498 million represents an increase of $109.089 million more than last year's level of $5,958.409.
Actual bad debt as a percentage of net sales (which represents gross sales less rescissions) has steadily declined, from 5.33 percent in 1991 to 3.5 percent in 1995, with the largest movement occurring in the last two years.
The authors suggest that national environmental groups praised President Clinton for signing the budget rescissions bill with the so-called timber-salvage rider last July.
Salvage and timber provisions were included in the Fiscal Year 1995 Rescissions Act(2) - a bill that rescinded well over $10 billion of 1995 appropriations in an effort to provide a modest down payment to reduce the nation's deficit.