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rescission (ri·siˑ·zhn),

n the termination of a contract, either by a party legally entitled to do so or by court order.
References in periodicals archive ?
A condominium developer's ability to correctly interpret ILSA's provisions is essential in order to avoid financial exposure to proceedings by HUD and purchasers, most notably, the two-year rescission right, as well as to provide comfort to a construction lender concerned with the act's ramifications.
employs several techniques to restrict rescission rights.
Reese also alleges in her lawsuit brought in New York State Supreme Court May 18 that the sponsor of the struggling development Linden78, at 230 West 78th Street, owes her $70,000 in commission fees even though the sponsor offered rescission rights to all buyers in mid-April.
Onstream recently became aware of potential rescission rights related to the convertible securities it issued in December 2004.
Lions Gate is not offering holders of the notes any rescission rights based upon its public disclosure of this information.
The sponsors of Linden78, a 33-unit condominium at 230 West 78th Street, offered rescission rights to all of the project's buyers in mid-April, according to a statement provided exclusively to The Real Deal from the developer, Urban Residential.