rescission

Definition

The cancellation or annulment of a transaction or contract by mutual consent or by law.

Use rescission in a sentence

You may find that there has been a rescission and you will need to find a way to get your money back.

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I did not like the rescission process, because it always made me feel bad that the transaction had potential but did not live up to it.

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The rescission was effective immediately to make both parties whole and to effectively reverse the previously agreed upon transaction for the individuals.

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mutual agreement right of rescission