Simple English definitions for legal terms
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Rescission: When you cancel a contract, it's called rescission. This can happen if one party breaks the contract or if both parties agree to end it. Sometimes, a court might cancel a contract if it goes against the law or what's best for everyone.
Definition: Rescission means to cancel a contract. This can happen in different ways:
For example, if you hire a contractor to build a house and they don't finish the work on time or do a bad job, you might be able to cancel the contract and get your money back. This is unilateral rescission. If you and the contractor both agree that they won't finish the work and you won't pay them any more money, that's mutual rescission. And if a court decides that a contract is illegal, like if you sign a contract to sell drugs, the court can order rescission and the contract will be cancelled.