![]() ![]() Furthermore, a minority of common law jurisdictions, like South Africa, use the term "rescission" for what other jurisdictions call "reversing", "overturning" or "overruling" a court judgment. Virginia uses the term "cancellation" for equitable rescission. However, this is not always necessary as any act indicating repudiation, eg notifying the authorities, may suffice.(Car & Universal Finance v Caldwell) 2 The injured party may rescind the contract by giving notice to the representor. Furthermore, because rescission is supposed to be imposed mutually upon both sides to a contract, the party seeking rescission normally must offer to give back all benefits he or she has received under the contract (an "offer of tender") A court may decline to rescind a contract if one party has affirmed the contract by his action 1 or a third party has acquired some rights or there has been substantial performance in implementing the contract. Rescission is an equitable remedy and is discretionary. 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 status quo ante. Rescission is the unwinding of a transaction. In contract law, rescission has been defined as the unmaking of a contract between parties. 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 status quo ante ![]()
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