18:49
my dad went to duke law so i have been a fan forever
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Simple English definitions for legal terms
legal rescission
Read a random definition: Uniform Fraudulent Transfer Act
A quick definition of legal rescission:
Legal rescission is when one party cancels a contract for a good reason, like if the other party broke the rules. This can happen by agreement between the parties or by a court order. When a contract is rescinded, both parties go back to how things were before they made the contract. This is called restitution. Sometimes, a court of equity can order rescission, which means the court makes the decision instead of the parties.
A more thorough explanation:
Definition: Legal rescission is the act of undoing a contract by one party for a valid reason, such as the other party's breach of the agreement or a court order. This is also known as voidance. The non-defaulting party can use rescission as a remedy or defense, and it involves returning any partial performance to restore the parties to their pre-contractual positions.
Examples:
- If a homeowner hires a contractor to build a deck, but the contractor fails to complete the work as agreed, the homeowner can rescind the contract and seek restitution for any partial payment made.
- If a car dealership sells a vehicle with a faulty engine, the buyer can rescind the contract and return the car for a refund.
These examples illustrate how legal rescission can be used to undo a contract when one party fails to fulfill their obligations. The non-defaulting party can seek restitution and return any partial performance to restore the parties to their pre-contractual positions.