Question

Difference between rescission and cancellation of contract

Answer 1

Answer:

Explanation:

Cancellation and rescission are both ways of ending ( terminating ) legal contracts.

The main difference is as following,

Cancellation:

In this you end a contract by eliminating the validity of the contract itself. You show that the contract is ineffective and must therefore end. For instance, if there are two parties in a contract A and B. A breaches the contract, you must bring this into notice and will get the contract cancelled.

Rescission:

In this you get to end the contract by going back to its original form. "you rescind", "you go back". For instance, you undo the contract.