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Simple English definitions for legal terms
right of rescission
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A quick definition of right of rescission:
Right of rescission: This is a way for someone to cancel a contract if the other person didn't do what they were supposed to do. It's different from just ending a contract because of something that was written in it.
A more thorough explanation:
The right of rescission is a legal remedy that allows a party to a contract to cancel or terminate the agreement if the other party breaches a duty that arises independently of the contract. This right is different from the right of termination, which arises when the other party breaches a duty that arises under the contract.
For example, if you hire a contractor to build a deck on your house, and the contractor fails to obtain the necessary permits, you may have the right to rescind the contract and cancel the project. This is because the contractor breached a duty that arises independently of the contract, namely, the duty to obtain the necessary permits.
Another example of the right of rescission is in consumer transactions. Under federal law, consumers have the right to rescind certain types of contracts, such as home equity loans and door-to-door sales, within a specified period of time after signing the contract.
Overall, the right of rescission is an important legal remedy that can help parties to a contract protect their interests and avoid the consequences of a breach of duty by the other party.