Outrageously Funny Word Dictionary :: Rescission

👉 Rescission is a legal concept in which a person or entity, usually a borrower, may be entitled to reclaim possession of property from their creditor or other party within a certain period. This can be due to various reasons such as non-payment of debt, breach of contract, or fraud. In some jurisdictions, rescission may also apply when the debtor has failed to perform on their obligations and is no longer able to fulfill them. The term "rescissory" refers to the act of

rescissory

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👉 In finance, a "rescission" refers to an event or situation where a company receives a payment in lieu of payment for goods or services it had previously provided. This can occur when a customer makes a purchase from a company and then decides not to pay the bill, but instead requests a refund or credit. Rescissions are common in business transactions as companies try to avoid paying customers on time, especially if they have already delivered the goods or services.

rescissions

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👉 Rescission is a legal concept in contract law that refers to the right of a party to cancel or terminate an agreement. It occurs when one party, known as the "defendant," has breached their obligation under a contract and seeks to invalidate the agreement by claiming that it was not fully performed or that they were not entitled to the benefits promised.

rescission

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