Glossary

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Recission
This term is used to describe the cancellation of a contract by the persons involved in the contract or by a court of law. There are various reasons why a court of law may order the recission of a contract. However, the specific reasons would vary based on the specific facts involved as well as the laws that are applicable in the particular jurisdiction. For example, a party may choose to rescind a contract if the other party failed to disclose certain details that were vital to the contract subject matter. Sometimes, contracts can be rescinded amicably by the parties themselves. In other cases, parties may need to obtain the assistance of their attorneys and possibly a court of law. Ideally, contracts will provide language specific to the recission process, and parties will know what to expect in the event they find themselves needing to rescind.