Rescission of contract

Rescission of contract,

Definition of Rescission of contract:

  1. A statement or intention made clear by either party to the agreement, which does not apply, is exercising their right to terminate (terminate) the agreement. It is an unavoidable step that frees the other party from its contractual obligations as if the treaty never existed. Compensation may be terminated by mutual agreement, by law or by one of the parties for reasonable reasons, for example, due to material misuse.

  2. Return or cancellation of contracts (called revocation) by the court in the interest of justice and fairness. However, the right of withdrawal cannot be exercised if (1) it is impossible for both parties to return to their original position (prior to the agreement) and / or (2) the rights acquired by the third party in the agreement by such action. I will change.

Meaning of Rescission of contract & Rescission of contract Definition