Etymology
The word "rescission" is derived from the Latin verb "rescindere," which means "to cut off" or "to annul." It is composed of the prefix "re-," meaning "back" or "again," and the verb "scindere," meaning "to cut."
Meaning
Rescission refers to the act of canceling or annulling a contract, agreement, or legal obligation. It involves restoring the parties to their pre-contractual positions, as if the contract had never existed.
Origin
The concept of rescission has its roots in Roman law. In ancient Rome, contracts were considered sacred and binding once they were entered into. However, there were certain circumstances under which a contract could be rescinded, such as fraud, mistake, or duress.
The Roman jurist Ulpian defined rescission as "an action by which we seek to have restored to us that of which we have been unjustly deprived." This definition highlights the restitutive nature of rescission, which aims to place the parties back in their original positions.
Over time, the concept of rescission has evolved and been incorporated into legal systems around the world. It is now a well-established principle in contract law, providing parties with a mechanism to seek relief from contracts that have been entered into under unfair or defective circumstances.
Etymology Latin rescindere to cut off annul repeal Late Latin rescissus past p
Etymology Late Latin recisio from Latin recisus cut off re back cisus cut
Etymology The word rescission is derived from the Latin verb rescindere which means
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Etymology Latin rescindere to cut off annul repeal Late Latin rescissus past p
Etymology The word rescission is derived from the Latin verb rescindere which means
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