Rescission (to rescind or set aside a contract) has been defined as the unmaking of a contract between the parties. Rescission is the unwinding of a transaction. This is done to bring the parties, as far as possible, back to the position in which they were before they entered into a contract (the "status quo ante"). This an equitable remedy and is discretionary. The court may decline to rescind a contract if one party has affirmed the contract by his action or a third party has acquired some rights or there has been substantial performance in implementing the contract.
- Abdallah, Inc. v. Martin, 242 Minn. 416, 420, 65 N.W.2d 641, 644 (1954) (full-text).
- See Long v Lloyd,  1 WLR 753.
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