What is a rescission of a contract?

A rescission of a contract is a process in which a contract can be legally terminated. It is a legal remedy that may be used if one of the parties has not acted fairly or truthfully; if a party has misrepresented important facts; or if fraud, duress, or mistake has taken place. In North Carolina, rescission of a contract is usually requested when a party believes they have been misled or taken advantage of in a contract. When a party believes that they have grounds for rescission of a contract, they will need to file a claim in court to have the contract rescinded. The claim must state why the party believes they have a valid reason for rescission. If a judge agrees that the contract should be rescinded, it will be invalidated and any obligations agreed to in the contract become unenforceable. Rescission of a contract may also involve the return of any items or money that was exchanged in the contract. If you believe that a contract you have entered into should be rescinded, you should consult an attorney to help you navigate the legal process of rescinding the contract or working out a different agreement.

Related FAQs

What is a contract of adhesion?
What are the defenses to a breach of contract?
What is the common law?
What is equitable estoppel?
What is an executed contract?
What is the difference between a covenant and a contract?
What is the Statute of Frauds?
What is a mutatis mutandis clause?
What is a contract of sale?
What is a warranty of title?

What is a rescission of a contract?

Related FAQs

Related Blog Posts