What does rescission mean?
The act of formally cancelling or annulling a contract, agreement, or decision. A rescission is often used in law to refer to the cancellation of a contract due to a breach of its terms.
Example
"The court granted the company's request for rescission of the contract due to the supplier's failure to deliver the goods on time."
Reviewed by Deb Chak, Editor. AI-assisted content curated by RJS Tech Solutions LLP.