Rescind

Setting

To cancel a contract, putting the parties back to the position as if the contract had not existed. both parties rescind a contract by mutual agreement, since a unilateral cancellation of a contract is a “breach” of the contract and could result in a lawsuit by the non-cancelling party.

Was This Term Helpful?

0 out of 0 found this helpful

Still got a question or concern?

Click here to contact us or go back to the main Glossary page.