Rescissible

Rescissible describes something that is capable of being canceled, annulled, or terminated, especially a contract, agreement, or legal transaction. The term implies that there are valid grounds for undoing the action, such as fraud, duress, mistake, or a breach of contract. When a contract or agreement is deemed rescissible, the affected party has the right to seek its invalidation, potentially restoring the parties to their pre-contractual positions. The rescission process involves legal proceedings, and the success of a rescission claim depends on the presence and proof of a valid cause for annulment under the applicable law. This differs from a contract void 'ab initio', where the agreement never had any legal effect in the first place.

Rescissible meaning with examples

• The company's contract with the supplier was deemed rescissible due to the fraudulent misrepresentation of product quality, allowing the company to legally terminate the agreement and seek damages. The courts found the contract to be unfair and the company acted immediately. This prevented any further damage caused by the agreement.
• The buyer argued that the property sale contract was rescissible because of the seller's failure to disclose a significant environmental hazard on the land. This failure rendered the sales contract invalid as the buyer made a claim for legal remedies against the seller.
• Due to evidence of coercion used by the investment firm, the investor petitioned the court for the investment contract to be considered rescissible and voidable, ensuring that the money was returned to the investor in full for the losses.
• The judge ruled that the agreement between the two parties was rescissible because of a mutual misunderstanding about the terms of the contract. Therefore the obligations laid out in the agreement between the parties were not enforceable.
• Because of the lack of informed consent from the patient, the medical procedure agreement was rescissible, allowing the patient to refuse the procedure and be free from any future repercussions regarding the procedure.