Rescission in United States

Practical Information

Note: Some of this information was last updated in 1982

An action in equity whereby a court is asked to annul a contract entered into through fraud, misrepresentation, or excusable error. For example, if a person enters into a contract of partnership and then discovers that material facts were misrepresented, he or she brings an action in rescission. Rescission may be absolute or qualified. Thus in rescission of a contract of sale, the seller resumes title and possession of the goods as though he or she had never parted with them, but the seller has no claim for damages. In qualified rescission, the seller resumes title and possession but does not rescind the entire contract because he or she reserves the right to sue for damages. A contract may also be rescinded by mutual consent.

What is Rescission?

For a meaning of it, read Rescission in the Legal Dictionary here. Browse and search more U.S. and international free legal definitions and legal terms related to Rescission.

Rescission in the Federal Budget Process

Meaning of Rescission in the congressional and executive budget processes (GAO source): Legislation enacted by Congress that cancels the availability of budget authority previously enacted before the authority would otherwise expire.

The Impoundment Control Act of 1974 (2 U.S.C. § 683) provides for the President to propose rescissions whenever the President determines that all or part of any budget authority will not be needed to carry out the full objectives or scope of programs for which the authority was provided. Rescissions of budget authority may be proposed for fiscal policy or other reasons.

All funds proposed for rescission must be reported to Congress in a special message. Amounts proposed for rescission may be withheld for up to 45 calendar days of continuous session while Congress considers the proposals. If both houses have not completed action on a rescission bill rescinding all or part of the amount proposed by the President for rescission in his special message within 45 calendar days of continuous session, any funds being withheld must be made available for obligation. Congress may also initiate rescissions. Such congressional action occurs for various reasons, including changing priorities, program terminations, excessive unobligated balances, offsets, and program slippage. (See also Apportionment; Budgetary Reserves; Deferral of Budget Authority; Impoundment; Reduction; Rescission Bill under Rescission.)

Guide to U.S. Federal Budget Rescission (Budget Process)

Rescission
Enhanced Rescission
Expedited Rescission
Rescission Bill

Concept of Rescission in Health Insurance Law

In this context, the following is a definition of Rescission: The process of voiding a health plan from its inception usually based on the grounds of material misrepresentation or omission on the application for insurance coverage that would have resulted in a different decision by the health insurer with respect to issuing coverage. PPACA prohibits rescissions except in cases of fraud or intentional misrepresentation of a relevant fact.

Rescission in Health Care Law

A definition of Rescission is available here: Rescission is a retroactive cancellation or discontinuance of your coverage due to fraud or intentional misrepresentation of material fact.

Rescission (Form)

This section introduces, discusses and describes the basics of rescission. Then, cross references and a brief overview about Form is provided. Finally, the subject of Sales in relation with rescission is examined. Note that a list of cross references, bibliography and other resources appears at the end of this entry.

Rescission (Formation)

This section introduces, discusses and describes the basics of rescission. Then, cross references and a brief overview about Formation is provided. Finally, the subject of Sales in relation with rescission is examined. Note that a list of cross references, bibliography and other resources appears at the end of this entry.

Rescission (Readjustment)

This section introduces, discusses and describes the basics of rescission. Then, cross references and a brief overview about Readjustment is provided. Finally, the subject of Sales in relation with rescission is examined. Note that a list of cross references, bibliography and other resources appears at the end of this entry.

Rescission (Settlement Agreements)

This section introduces, discusses and describes the basics of rescission. Then, cross references and a brief overview about Settlement Agreements is provided. Finally, the subject of Settlements in relation with rescission is examined. Note that a list of cross references, bibliography and other resources appears at the end of this entry.

Rescission