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Simple English definitions for legal terms

agreement of rescission

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A quick definition of agreement of rescission:

An agreement of rescission is when two people agree to cancel a contract they made before. This can happen if one person breaks the rules of the contract or if they both decide they don't want to do it anymore. When they cancel the contract, they have to give back anything they got from each other. Sometimes a court can make them cancel the contract if it's not fair.

A more thorough explanation:

An agreement of rescission is a legal term that refers to an agreement between two parties to terminate a contract and discharge all remaining duties of performance. This can happen for various reasons, such as a breach of contract or a mutual decision to end the agreement.

For example, if two parties enter into a contract for the sale of goods, but one party fails to deliver the goods as promised, the other party may seek rescission of the contract. This would involve terminating the contract and returning any partial performance, such as a deposit or payment, to restore the parties to their pre-contractual positions.

Rescission can also be decreed by a court of equity, which is a court that can provide remedies beyond what is available in a court of law. In this case, the court may order rescission if it determines that the contract was entered into under duress, fraud, or other circumstances that make it unfair or unjust.

It's important to note that rescission is generally only available as a remedy or defense for a non-defaulting party. In other words, if one party breaches the contract, the other party may seek rescission, but the breaching party cannot use rescission as a defense.

agreement of imperfect obligation | agreement of sale

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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