right of rescission

Definition

The right of a consumer to nullify a contract within three business days of signing it without paying a penalty or down payment.

Use right of rescission in a sentence

You should try and break down the right of rescission to make sure that you are doing all that is expected of you.

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After noticing a number of discrepancies in the contract he had just signed for an order of 100 new computers, the customer used his right of rescission to cancel the contract.

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After taking the weekend to carefully consider his option, John decided to use his right of rescission to nullify the agreement that he had tentatively made on Friday.

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right of redemption rescission