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rescission
(redirected from Right of rescission)

   Also found in: Dictionary/thesaurus, Legal, Financial, Acronyms, Wikipedia 0.01 sec.
rescission (ri·siˑ·zhn),
n the termination of a contract, either by a party legally entitled to do so or by court order.


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Instead of offering the plaintiff the right to rescind the agreement, as required by the offering plan, the defendant sponsor's 16th amendment to the offering plan states that purchasers have no right of rescission related to the first closing," attorneys Philip Hines and Marc Held wrote in the complaint.
If the creditor has made all the required disclosures, a consumer has three days to rescind the transaction--but the right of rescission is extended to three years if the creditor fails to deliver the proper disclosures, Ramsey explained.
A right of rescission for a franchisee created when there is a disclosure compliance violation arguably gives rise to a contingent liability and the obligation to record a reserve when the franchise opens and the initial franchise fee has been recognized as revenue by the franchisor.
 
 
 
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