Contracts/Rescission
From wikilawschool.net. Wiki Law School does not provide legal advice. For educational purposes only.
In contract law, rescission refers to the cancellation of the contract between the parties. This is done to bring the parties as far as possible to the position they were before the entered into a contract. This an equitable remedy and is discretionary. The court may decline to rescind a contract if one party has affirmed the contract by his action (see Long v Lloyd)or a thirdy party has acqiured some rights or there has been substantial performance in implementing the contract.
