Definition of "Rescind"

Traian Pircalabu
  The K Company

Canceling, nullifying, terminating, or dishonoring a contractual obligation. The
Truth-in-Lending Act provides the right of rescission whereby a person can annul a contract without
penalties, or refunding deposits. Contracts may also be terminated for fraud or improper execution.
For example, a minor may rescind a real estate contract with no penalties.

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