Rescission
Transcript:
Hello!
Today we look at the meaning of rescission in the common law system. Please be careful. The meaning of rescission may be very different form the meaning in a civil law context.
Rescission is not the same thing as cancellation. Rescission is the undoing of a contract from its beginning. “Rescission of contract” refers to the legal process of undoing (disfacimento) or cancelling a contract as if it never existed, thereby restoring (riportando in questo modo) the parties to their original positions before they entered into the agreement.
The effect of rescission is to restore the parties to their original positions before the contract was formed. This involves returning any consideration (corrispettivo), such as money or property, exchanged between the parties. It may also involve returning goods (merci) or canceling any obligations created by the contract. If this is not possible, then rescission is not the right legal remedy to pursue (intraprendere).
Parties may rescind due to various reasons, for example:
- Mutual agreement: The parties may agree to rescind the contract by mutual consent. This typically requires the agreement to be in writing and signed by all parties involved;
- Material breach (violazione sostanziale): If one party commits a significant breach of the contract’s terms or conditions, the non-breaching party (parte non inadempiente) may seek (può richiedere) rescission as a remedy. The breach must be substantial and go to the root of the contract, essentially rendering it unenforceable (rendendolo inefficace);
- Misrepresentation or fraud (dichiarazioni false o frode): If a party has been induced to enter into (stipulare) a contract based on false statements, misrepresentations (dichiarazioni ingannevoli/errate/false), or fraudulent actions of the other party, they may seek rescission on the grounds of deceit (per inganno) or fraudulent inducement;
- Mistake: Rescission may be sought (può essere richiesta) if there has been a mutual mistake or a unilateral mistake by one party that significantly affects the substance of the contract. The mistake must be material (sostanziale/ significativo) and relate to a fundamental aspect of the agreement;
- Duress or undue influence (coercizione o indebito condizionamento): If a party was coerced, threatened (minacciata), or subjected to (sottoposta a) undue influence that affected their free will in entering into the contract, they may seek rescission.
Remember, the purpose of rescission is to restore the status quo ante, ie the state of affairs existing before the contract was entered into.
Thank you, and see you next time for more Peter’s Pills to improve your legal English.
Read more about rescission in the UK here: “Rescission: contract law remedy (bars, misrepresentation, mistake and fraud)“.
Legal English – Sommario delle Lezioni
- Legal English – Peter’s Pills – Lesson 59 – Appurtenent vs In gross
- Legal English – Peter’s Pills – Lesson 58 – Building societies and Banks
- Legal English – Peter’s Pills – Lesson 57 – Valid, void and voidable contracts
- Legal English – Peter’s Pills – Lesson 56 – Rescission
- Legal English – Peter’s Pills – Lesson 55 – Golden expressions
- Legal English – Peter’s Pills – Lesson 54 – Pre-emption right vs Right of first refusal
- Legal English – Peter’s Pills – Lesson 53 – What do we mean by “agent” of a company?
- Legal English – Peter’s Pills – Lesson 52 – Voting at a meeting
- Legal English – Peter’s Pills – Lesson 51 – Contracts vs Deeds
- Legal English – Peter’s Pills – Lesson 50 – Executive and Non-Executive Directors
- Legal English – Peter’s Pills – Lesson 49 – Transfer of shares vs transmission of shares
- Legal English – Peter’s Pills – Lesson 48 – They, them, their for singular nouns
- Legal English – Peter’s Pills – Lesson 47 – Jointly and severally
- Legal English – Peter’s Pills – Lesson 46 – Invoice words
- Legal English – Peter’s Pills – Lesson 45 – Quotation
- Legal English – Peter’s Pills – Lesson 44 – Gazumping and Gazundering
- Legal English – Peter’s Pills – Lesson 43 – English words that the English do not understand
- Legal English – Peter’s Pills – Lesson 42 – Easement vs Profit à prendre
- Legal English – Peter’s Pills – Lesson 41 -er, -or and -ee names
- Legal English – Peter’s Pills – Lesson 40 – The Objects Clause
- Legal English – Peter’s Pills – Lesson 39 – When is Latin hot, and when is it not?
- Legal English – Peter’s Pills – Lesson 38 – Default
- Legal English – Peter’s Pills – Lesson 37 – Company Agent
- Legal English – Peter’s Pills – Lesson 36 – Injunction (false freind)
- Legal English – Peter’s Pills – Lesson 35 – Mortgage
- Legal English – Peter’s Pills – Lesson 34 – Freehold, Leasehold and Commonhold estates
- Legal English – Peter’s Pills – Lesson 33 – Transferor, Transferee and Transmittee
- Legal English – Peter’s Pills – Lesson 32 – Tax evasion, tax mitigation and tax avoidance
- Legal English – Peter’s Pills – Lesson 31 – Numbers
- Legal English – Peter’s Pills – Lesson 30 – Ordinary resolutions vs special resolutions
- Legal English – Peter’s Pills – Lesson 29 – AGM vs EGM
- Legal English – Peter’s Pills – Lesson 28 – A going concern
- Legal English – Peter’s Pills – Lesson 27 – Collocations: Violate, breach, break, disobey and infringe
- Legal English – Peter’s Pills – Lesson 26 – Company meeting words
- Legal English – Peter’s Pills – Lesson 25 – Mortgagor vs Mortgagee
- Legal English – Peter’s Pills – Lesson 24 – Fixed charges vs Floating charges
- Legal English – Peter’s Pills – Lesson 23 – Doctrine
- Legal English – Peter’s Pills – Lesson 22 – Construe
- Legal English – Peter’s Pills – Lesson 21 – Sign vs Execute
- Legal English – Peter’s Pills – Lesson 20 – The closing statement
- Legal English – Peter’s Pills – Lesson 19 – Writing Business Emails
- Legal English – Peter’s Pills – Lesson 18 – Limited companies
- Legal English – Peter’s Pills – Lesson 17 – Annual Accounts
- Legal English – Peter’s Pills – Lesson 16 – Meetings
- Legal English – Peter’s Pills – Lesson 15 – Attorney-at-law vs Attorney-in-fact
- Legal English – Peter’s Pills – Lesson 14 – Here and there compounds
- Legal English – Peter’s Pills – Lesson 13 – Subject Matter
- Legal English – Peter’s Pills – Lesson 12 – The clear days rule
- Legal English – Peter’s Pills – Lesson 11 – Shareholder, Member or Holder of shares?
- Legal English: Peter’s Pills – Lesson 10 – Competition Law
- Legal English: Peter’s Pills – Lesson 9 – Lasting Power of Attorney
- Legal English: Peter’s Pills – Lesson 8 – Guardianship
- Legal English: Peter’s Pills – Lesson 7 – Damage vs Damages
- Legal English: Peter’s Pills – Lesson 6 – Legal Doublets
- Legal English: Peter’s Pills – Lesson 5 – Escrow
- Legal English: Peter’s Pills – Lesson 4 – Memorandum of Association vs Articles of Association
- Legal English: Peter’s Pills – Lesson 3 – Sign legibly
- Legal English: Peter’s Pills – Lesson 2 – Deed poll
- Legal English: Peter’s Pills – Lesson 1 – Party, counterparty and counterpart
AUTORE
Peter Liebenberg è uno specialista nella formazione delle persone nella conoscenza della lingua inglese. Ha creato molti corsi nel campo dell’inglese per professionisti, tra cui English for banking, English for business e English for Insurance, ma ha sempre avuto un debole per l’inglese legale. Altri corsi che ha creato comprendono Phrasal Verbs I e II. Quando Peter non fa formazione, corre a Parco Sempione, crea arte nel suo studio sulla Martesana e fa volontariato.