Back to glossary

Vertalis Business Law Glossary

Contracts

Rescission

By Tim Nichols

In plain English

A remedy or agreement seeking to unwind a transaction and restore the parties, as far as practicable, to their prior positions. It differs from ending future performance through termination. Grounds, restoration requirements, timing, and competing remedies depend on the law and facts; regret about a deal is not enough.

Contracts & Transactions
Can a Business Cancel a Contract After Signing It in Texas?Read the Insight