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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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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
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