What is notice of rescission?

Answer 1

http://www.answers.com/library/Investment%20Dictionary-cid-68598 Rescission

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The right of an individual involved within a contract to return to the identical state as before they entered into the agreement, due to courts not recognizing the contract as legally binding. Investopedia Says:

This is an important factor in the business world, as contracts are commonplace. Should a contract not be legally binding, most often courts will try to return the non-liable parties affected to the state they were in before the contract was entered.

http://www.answers.com/library/Business%20Dictionary-cid-68598 Rescission Top

http://www.answers.com/ > http://www.answers.com/main/what_content.jsp > http://www.answers.com/main/business.jsp > http://www.answers.com/library/Business+Dictionary-cid-68598 Cancellation of a http://www.answers.com/topic/contract and the return of the parties to the positions they would have occupied if the contract had not been made. Grounds for rescissions may include original invalidity of the agreement, http://www.answers.com/topic/fraud, failure of http://www.answers.com/topic/consideration, or material http://www.answers.com/topic/breach or http://www.answers.com/topic/default. Rescission may be brought about by the mutual consent of the parties, by the conduct of the parties or by a decree by a court of equity.

http://www.answers.com/library/Real%20Estate%20Dictionary-cid-68598 Rescission Top

http://www.answers.com/ > http://www.answers.com/main/what_content.jsp > http://www.answers.com/main/business.jsp > http://www.answers.com/library/Real+Estate+Dictionary-cid-68598 The act of cancelling or terminating a http://www.answers.com/topic/contract. Rescission is allowed when the contract was induced by http://www.answers.com/topic/fraud, http://www.answers.com/topic/duress, http://www.answers.com/topic/misrepresentation or Mistake. Regulation Z allows one to http://www.answers.com/topic/rescind certain credit transactions within 3 business days (not applicable to First Mortgages on a home); purchasers of certain land that must be registered by the Department of Housing and Urban Development (HUD) may rescind within 3 business days. Seerescind.

Example: Rescission was allowed by the court for a contract that Abel was induced to enter on the threat of death.