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Page 4 of 31 |
What is rescission? |
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Rescission is an equitable remedy that wipes out the existing contract and restores the parties to their situation prior to entering into the contract. In general terms, rescission refers to the cancellation of a contract. If money has been paid by one party to another, that money is returned as part of the rescission process.
Rescission can occur as a result of innocent or fraudulent representation, mutual mistake, lack of legal capacity, an impossibility to perform a contract not contemplated by the parties, or duress and undue influence. For example, assume you agreed to sell and the buyer agreed to buy two acres of land that you thought you owned. Later, it turns out that you did not have title to the property. Rescission would be the proper remedy. |
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