Rescission | Clipmarks


	Rescission

skyish81

7-24-2008 11:58 PM

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/5f40c16c-e259-4cf5-9239-f9aa1e2a1571/827FCA4E-0704-4B62-88C8-6658252FEDB6/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://en.wikipedia.org/w/index.php?title=Rescission&oldid=226100762" href="http://en.wikipedia.org/w/index.php?title=Rescission&oldid=226100762" style="font-size: 11px;">en.wikipedia.org</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://en.wikipedia.org/w/index.php?title=Rescission&oldid=226100762">In contract law, <B>rescission</B> (to <B>rescind</B> or <B>set aside</B> a contract) has been defined as the unmaking of a contract between the parties.<SUP class="reference" id="cite_ref-0"><A title="" href="#cite_note-0">[1]</A></SUP> Rescission is the unwinding of a transaction. This is done to bring the parties, as far as possible, back to the position in which they were before they entered into a contract (the "<A title="Status quo ante" href="http://en.wikipedia.org/wiki/Status_quo_ante">status quo ante</A>"). This is an <A title="Equitable remedy" href="http://en.wikipedia.org/wiki/Equitable_remedy">equitable remedy</A> and is discretionary. The court may decline to rescind a contract if one party has affirmed the contract by his action (see <I>Long v Lloyd</I> [1958] 1 WLR 753) or a third party has acquired some rights or there has been substantial performance in implementing the contract.</blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/827FCA4E-0704-4B62-88C8-6658252FEDB6/blog/" title="blog or email this clip"><img src="http://content8.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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