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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 ?
At the forum, Consul General Bensurto reassured Filipinos affected by the rescission of DACA that the Philippine Government is closely monitoring the situation, and that Secretary Cayetano personally instructed all U.
The highest priority states for getting rescission resolutions adopted are revealed in the "BBA Con-Con Status December 2015" map.
The rescission doctrine has its genesis in contract law but in certain circumstances has clear application in the tax world.
A rescission is a procedure that a health insurer uses to rescind, or take back, a health insurance policy and return the former customer and itself to the states they were in before the policy existed.
Rescission is an equitable remedy that has existed before the American Revolution and is an essential part of British and American common law.
Categories: December 16, 2009, Budget authority, Budget authority rescission, Federal funds, Funds management, Impoundment, Monitoring, Presidential proposals
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.
Bates claimed that the rescission of her policy was in bad faith because it was based upon the information supplied in the initially approved application.
However, it should never come to this, since the insurance laws of any state in which an insurer wishes to write health policies should be inclusive of a provision or two barring cancellations or rescissions of policies based on innocent or negligently made mistakes done by the insured or anyone acting on behalf of the insured in filling out an application for insurance.
Regardless of what remedies are put in place, a perception also certainly exists that rescission of health care coverage only adds to the woes of the health care crisis now engulfing our economy and nation today.
The Internal Revenue Service published two noteworthy private letter rulings within the last year granting rescission relief for taxpayers seeking to unwind their conversion to a subchapter C corporation without suffering the unfavorable double tax consequences otherwise associated with such an unwind.
The authors suggest that national environmental groups praised President Clinton for signing the budget rescissions bill with the so-called timber-salvage rider last July.