06:17 Aug 27, 2011 

rescission [ri'sižën] n ukidanje, poništenje; ~ of a ban ukidanje zabrane

rescission
The right of a party to a contract to have it set aside and to be restored to the position he or she was in before the contract was made. This is an equitable remedy, available at the discretion of the court. The usual grounds for rescission are mistake, misrepresentation, undue influence, and unconscionable bargains (i.e. those in which the terms are very unfair). No rescission will be allowed where the party seeking it has taken a benefit under the contract (affirmation), or where it is not possible to restore the parties to their former position (restitutio in integrum), or where third parties have already acquired rights under the contract.