15:24
ok thanks! appreciate the insight
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LSDefine
Simple English definitions for legal terms
right to rescind
Read a random definition: negligent tort
A quick definition of right to rescind:
Right to Rescind: This is a way for someone to cancel a contract if the other person did something wrong that wasn't part of the contract. It's different from just ending a contract because of something that was in the contract. It's like saying, "I don't want to do business with you anymore because you did something bad."
A more thorough explanation:
Definition: The right to rescind is a remedy given to a party in a contract when the other party breaches a duty that arises independently of the contract. This is different from a right of termination, which arises when the other party breaches a duty that arises under the contract.
Example: Let's say you hire a contractor to build a deck on your house. The contract states that the deck will be completed within two weeks. However, the contractor fails to complete the deck within the agreed-upon time frame. In this case, you have the right to rescind the contract and hire a different contractor to complete the job.
Explanation: The example illustrates the right to rescind because the contractor breached a duty that arose independently of the contract (i.e., completing the deck within the agreed-upon time frame). As a result, the homeowner has the right to rescind the contract and hire a different contractor to complete the job.