A rescission of a contract generally places the parties in the position they would have been had the contract never been entered into by the parties. For example, money is returned to the buyer and the buyer returns the merchandise to the seller.
The following form is an example of such a rescission.
Orange California Mutual Release of Claims Based on Contract with Rescission of Contract
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State:
Multi-State
County:
Orange
Control #:
US-00547BG
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Word;
Rich Text
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How to fill out Mutual Release Of Claims Based On Contract With Rescission Of Contract?
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FAQ
Mutual rescission, or rescission by agreement, is a discharge of both parties from the obligations of a contract by a new agreement made after the execution of the original contract but prior to its performance.
To terminate a contract means to end the contract prior to it being fully performed by the parties. In other words prior to the parties performing all of their respective obligations required by the contract, their duty to perform these obligations ceases to exist.
If a misrepresentation is fraudulent or negligent, the claimant may claim both rescission and damages under s2(1) of the Misrepresentation Act 1967 (the Act). If a misrepresentation is negligent or innocent, the court has the discretion to award rescission or damages in lieu of rescission under s2(2) of the Act.
The first is by mutual rescission, which means that, if two parties enter into a contract and neither party has completed performance, both parties can get together and agree to call off the contract. However, the contract can only be discharged by mutual rescission if both parties have not yet performed.
Damages for RescissionAn award of damages may be available to restore the position of the innocent party to the pre-contractual position where expenses were incurred under the contract.
If the misrepresentation is fraudulent or negligent the court can award damages and rescind the contract, although where negligent misrepresentation occurs the court does have discretion to award damages in lieu of rescission.
