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Rescission
From Wikipedia, the free encyclopedia
In contract law, rescission (to rescind or set aside a contract) has been defined as the unmaking of a contract between the parties.[1] Rescission is the unwinding of a transaction. This is done to bring the parties as far as possible to the position they were before they entered into a contract (the "status quo ante"). This an equitable remedy and is discretionary. The court may decline to rescind a contract if one party has affirmed the contract by his action (see Long v Lloyd [1958] 1 WLR 753) or a third party has acquired some rights or there has been substantial performance in implementing the contract.
In common law jurisdictions, court judgments may also be rescinded, here meaning to be set aside or made void, on application to the court that granted the judgment or a higher court. Applications to rescind a judgment are usually made on the basis of error or for good cause.
In insurance, rescission is the termination of a contract from the beginning (as if it never existed). The insurer has the right to rescind a policy due to concealment, material misrepresentation, or material breach of warranty.
In American government, rescission authority rests with the President. This authority was granted in the Congressional Budget and Impoundment Control Act of 1974. The President can force Congress to vote on rescinding (or permanently withholding) already appropriated funds.[2] The average amount Presidents have requested since 1974 has been approximately $15 billion.[3]
- ^ Abdallah, Inc. v. Martin, 242 Minn. 416, 420, 65 N.W.2d 641, 644 (1954).
- ^ rules.house.govrules.house.gov
- ^ opinionjournal.com
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Condominium and Pre-Construction contract rescission and deposit recovery