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Simple English definitions for legal terms

mutual rescission

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A quick definition of mutual rescission:

Mutual rescission is when two parties agree to cancel a contract they made together. This means they both agree to stop doing what they promised to do in the contract. They also have to give back anything they received from each other. This puts them back to how things were before they made the contract.

A more thorough explanation:

Definition: Mutual rescission is an agreement between two parties to terminate a contract and discharge all remaining duties of performance. It is also known as an agreement of rescission or abandonment.

For example, if Party A and Party B enter into a contract for Party A to provide services to Party B, but Party A is unable to fulfill their obligations, they may mutually agree to rescind the contract and terminate their duties. This would restore both parties to their pre-contractual positions.

Mutual rescission is different from unilateral rescission, which is when one party unilaterally cancels a contract due to a legally sufficient reason, such as the other party's material breach.

Related terms: Rescission, avoidance, termination, cancellation, rejection, repudiation, revocation, equitable rescission, legal rescission.

mutual promises | mutual release

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7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
soapy
8:48
UMN under review! As predicted, decisions are gonna come out early December
Minus those random R decisions from UMN yesterday though right? I wonder what happened there. I don’t think I’ve seen a school start the season out with anything but As on here
almost all of my apps have been UR for 6 weeks at this point I feel exhausted waiting for them to finish
Irvine is being snobby and wont start any review until end of Nov.
Yeah, it’s tough. I’m distracting myself by playing good video games after work :)
im distracting myself by schizo-scrolling r/lawschoolamissions and every conceivable data point on this godforsaken website
it is not working
Haaa I naturally want to do that too. I’m trying to stop. They need a surgeon general’s warning on this site for perspective law students
i spend more time on here then anything else trying to rationalize that the waves from last year will match waves for this year (they won't) and that the stats of people with the same stats are indicative of my own (they aren't)
There aren't many people in my stat range so I pretty much know every result in my range after being on here for a few years
9:28
congrats on the 172 bruce
go dawgs fr
9:29
roll tide
do we foresee a fordham election day wave today (i'm delusional)
WorthlessAttractiveZombie
9:31
I think so, Jack
9:31
some people hate him. some people love him, but he a real one: https://youtu.be/w5oEqiVQcF4?t=173
9:32
[kevin oleary]
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
WorthlessAttractiveZombie
9:34
I mean if Fordham doesn't release today I will purposefully get on a train, go to new york, and then take the stinkiest shit inside the admission office's toilet (potentially clogging it and forcing them to get a plumber)
IS IT ONLY ON MY END WHY DID THAT SEND TEN MILLION TIMES
HELLO
WorthlessAttractiveZombie
9:35
it sent a million times lol
WHAT HAPPENED
yeah i thought you were tweaking for a second
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