RE SCISSIONS Meaning and
Definition
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Re scission is a financial term that refers to the act of canceling or annulling a contract or agreement. It occurs when two or more parties mutually agree to terminate a previously entered legal contract or arrangement, effectively undoing its effects and restoring the parties to their positions before the agreement was made.
Re scissions can happen for various reasons, such as changes in circumstances, strategic business decisions, or the parties' realization that the agreement is no longer beneficial or viable. In some cases, re scissions may be initiated due to a breach or violation of terms by one of the parties involved. When a re scission is agreed upon, the contract is considered null and void from the moment it was formed. As a result, any obligations arising from the agreement will no longer be enforceable.
To ensure a fair and transparent process, most re scission agreements include provisions for the reimbursement or return of any benefits or assets that were exchanged or received under the original agreement. Both parties have an obligation to restore each other to their pre-contractual positions to the best extent possible. Re scissions are typically formalized through a written agreement between the parties involved, clearly stating their intention to terminate the original contract or arrangement.
Common Misspellings for RE SCISSIONS
- recissions
- rescissions
- ee scissions
- de scissions
- fe scissions
- te scissions
- 5e scissions
- 4e scissions
- rw scissions
- rs scissions
- rd scissions
- rr scissions
- r4 scissions
- r3 scissions
- re acissions
- re zcissions
- re xcissions
- re dcissions
- re ecissions
- re wcissions
Etymology of RE SCISSIONS
The word rescissions is derived from the Latin noun rescissio, which comes from the verb rescindere. In Latin, rescindere means to cut off or to cancel. The prefix re- signifies an action done again or back, while scindere means to cut. Therefore, rescindere combines with the prefix re- to form rescissio, meaning a cutting again or a cancelling.
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