What is a Mutual Rescission of Contract?

By | April 15, 2008

A Rescission of Contract is the act of setting aside a contract. Mutual Rescission of Contract is the act by all parties to a contract of unmaking or setting aside a contract between the parties. Rescission is the unwinding of a transaction. This is done to bring the parties, as far as possible, back to the position in which they were before they entered into a contract. This mutual agreement is:

• An agreement by which both parties agree to cancel and rescind a contract
• By mutually agreeing that the contract is null and void, Neither party shall have any further rights or duties

Definition of Mutual Rescission of Contract.

You can find various examples of a Mutual Rescission of Contract here.