What do you mean by Rescission

Question

What do you mean by Rescission?

Answer 1

Rescission attempts to return the parties to the positions they were in before the contract was made. The plaintiff may feel she would be better off to have the contract set aside (to be returned to the position that would have existed had the contract never been entered into) than to sue for damages (to be placed in the position she would have been in had the contract been completed as planned). Rescission is generally used for durable goods that fail to perform as promised but have not been damaged. The plaintiff would usually just prefer to return the goods and get her money back. It may also be used in sales of land, where, for example, the vendor would prefer to just return the down payment and retain possession of the land.