What is Rescission?

Rescission is an  Abrogation or  Revocation particularly of a contract.  It  is the setting  aside of a  voidable contract,  which is thereby treated as  if  it  had never  existed.                                                                       

Note: Limits on the right  of rescission are:                                                             

a).  Can  not  be exercised unless  restitutio in integrum  is possible i.e. unless it  is possible to restore both parties to their  original positions;  and

b).  Can not  be exercised if  this would  involve upsetting  rights acquired by  third  parties eg.  Seller  of  goods cannot  rescind  if  they have  been  resold  to a  third party.