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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 ?
And under the new system, most of the old pitfalls would still exist: the three-year right of rescission remains in place, there is no mention of the "direct recourse before civil action" concept, and there is no mention of shaping penalties to reflect actual harm suffered by consumers.
Already, buyers at Long Island City's Crescent Club were offered the right of rescission this winter that the developer, NCF Equities, missed the promised delivery date, according to Prudential Douglas Elliman Senior Vice President Avi Voda, who is handling sales at the 130-unit building.
He would not disclose how many buyers decided to exercise their right of rescission.
In the booming market of recent years, invoking the right of rescission was never a point of contention between buyers and sponsors -- because if a buyer pulled out, the sponsor could easily sell the apartment again, often at an even higher price.
As a result, the Board has determined that a right of rescission exists.
The Board of Management at TelDaFax supports World Access' tender offer for TelDaFax shares and recommends that the TelDaFax shareholders not exercise the right of rescission.
The jury did not hear about Cook's financial and legal problems which according to a Bloomberg news service report, include a suit by the Attorney General of Texas against his company, Wade Cook Financial, alleging that Cook's company falsified its records, failed to disclose to his seminar participants that the company lost money trading stocks for its own account, and didn't offer students a three-day right of rescission.
The new method excludes from production totals refinance loans closed during the last three days of the month which were subject to the right of rescission, but has no significant effect on income recognition.