Legal Dictionary of Pakistan

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

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.