Definition of rescission of contract

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TeachMeFinance.com - explain rescission of contract



rescission of contract -- the replacing of a contract by mutual consent or by either party for reasonable cause. See right of rescission.

right of rescission -- the borrower's statutory right under the Truth-in-Lending law to change his or her mind and cancel a loan within three business days from the date of the loan application.



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Mark McCracken

Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English".


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