Also, rescission.
To abrogate or cancel a contract or a court order putting the parties in the same position they would have been in had there been no contract; put an end to as though it never were.
In Wickham, Justice Cory suggested that to rescind meant to discharge or set aside.
In Bickerton, Justice Cromarty of the Ontario Supreme Court adopted these words:
"... rescind ... to abrogate, annul, avoid, or cancel with respect to a contract.
"Further, to rescind a contract is defined as to declare a contract void in its inception and to put an end to it as though it never were and is further defined as being not merely to terminate it and release parties from further obligations to each other but to abrogate it from the beginning and restore parties to relative positions which they would have occupied had no contract ever been made."
Rescission can occur in one of two ways: either a contract can be set aside (rescinded) because of some defect in its formation (such as misrepresentation, duress or undue influence) or it can be set aside by agreement by the parties, for example if they reach a new agreement.
French: résiliation as in résiliation de contrat or résiliation pour cause d'inexécution.
REFERENCES:
- Bickerton v Bickerton 60 DLR 3d 389 (1975)
- Duhaime, Lloyd, Contract Law Dictionary
- Wickham v Wickham 22 RFL 341 (1975)