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Rescind means to abrogate, annul, avoid or cancel a contract and treat it as if it were never made.
Parlee McLaws LLP. “Glossary Of Common Financial and Legal Terms”, 4th ed.
To cancel a contract and place the parties in the same position they would have been in had there been no contract.
Peter English, Surry Partners Lawyers. “Glossary of legal terms” (2009)
Definition of rescission is the ending of a contract that places the parties to the contract in the position they were in before the contract existed. For example, in a rescission of a contract for the sale of a car the seller would get back the car and the buyer would get back their purchase money.
Victoria Law Foundation. “Legal glossary” (2015)
A consumer who is entitled to rescind is defined as a consumer “whose ownership interest is or will be subject to the security interest.” Two copies of the notice of the right to rescind shall be delivered to each consumer who is entitled to rescind. Thus if both a husband and wife have an interest in the property, two copies of the right to rescind notice must be delivered to each.
Rupp, Robert K. “Who Can Win in Truth in Lending Recession Transactions.” Ohio St. LJ 43 (1982): 693.