(Kanun) In contract law, rescission (to rescind or set aside a contract) has been defined as the unmaking of a contract between the parties. Rescission is the unwinding of a transaction
The cancellation of a transaction or contract by law or by mutual consent (i e ) On a refinance of an owner occupied property the transaction is not funded until three business days from the closing
The consequence of enacted legislation that cancels budget authority previously provided by Congress prior to the time when the authority would otherwise lapse (i e , cease to be available for obligation) The Impoundment Control Act of 1974 requires a special message from the Presidnet to Congress reporting any proposed rescission of budget auithority These proposals may be accepted, in whole or in part, through the passage of a rescission bill by both Houses of Congress
The cancellation contract by the operation of a law or by mutual consent In some circumstances, borrowers have the right to cancel a transaction within three business days after closing
Termination of an insurance contract by the insurer on the grounds of material misstatement on the application for insurance The action of rescission must take place within the contestable period or Time Limit on Certain Defenses but takes effect as of the date of issue of the policy, thus voiding the contract from its inception
The cancelling of a contract usually by one person after breach of contract The other person may be entitled to damages to return them to their position prior to the contract •Contracts
Cancellation of a contract or a transaction A rescission can occur when all involved parties agree to make the transaction invalid or when some law or rule makes the transaction void
The cancellation or annulment of a transaction or contract by the operation of law or by mutual consent
Borrowers' cancellation of a loan contract Often, second mortgage loans (see Second Mortgage) will allow a borrower three business days (after loan closing) to rescind or cancel their loan WHEDA allows three days for borrowers to rescind after extending them a Home Improvement loan or a HOME Plus loan that will be used for home improvements
A law canceling budget authority before the time when the authority would otherwise cease to be available for obligation See budget authority [Back to top]
The cancellation of a contract When a home is used as collateral for a loan, the homeowner typically has the right to cancel the credit transaction within three business days The action is called "right of rescission," and it is guaranteed by the Federal Truth in Lending Act
A federal budgetary term that refers to the cancellation, in whole or part, of budget authority previously granted by Congress
A statutory midyear reduction or cancellation in previously appropriated funds The President submits a rescission request to Congress, specifying the amount of the cut and estimating the impact Congress then has 45 days to pass a bill allowing the cut in spending If Congress does not pass a bill in that period of time, the rescission request is considered refused
the cancellation or annulment of a transaction or contract by law or by mutual consent
Termination of an insurance contract by the insurer on the grounds of mis-statement by the insured
(1) Repudiation of a contract A party whose consent to a contract was induced by fraud, misrepresentation or duress may repudiate it A contract may also be repudiated for failure to perform a duty (2) The termination of an insurance contract by the insurer when material misrepresentation has occurred (G,LE)***