Legal Dictionary of Pakistan

Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.

Rescissio

[Latin] Civil law. Annulment or voidance of something; rescission.

equitable rescission

See RESCISSION

legal rescission

Rescission that is effected by the agreement of the parties.

mutual rescission

See RESCISSION (2)

rescission

n. 1. A party's unilateral unmaking of a contract for a legally sufficient reason, such as the other party's material breach. 0 Rescission is generally available as a remedy or defense for a nondefaulting party and restores the parties to their precontractual positions. 2. An agreement by contracting parties to discharge all remaining duties of performance and terminate the contract: - Also termed (in sense 2) agreement of rescission; mutual rescission; abandonment. - Also spelled recision; recission. - rescissory (risis-a-ree or ri-siz-), adj. Cf. REJECTION; REPUDIATION.

right of rescission

See RIGHT TO RESCIND.