| In contract law, rescission
(to rescind or set aside
a contract) refers to the cancellation of the contract
between the parties. This is done to bring the parties as
far as possible to the position they were before they
entered into a contract. 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) or a third party has acquired
some rights or there has been substantial performance in
implementing the contract. |
