v. to cancel a contract, putting the parties back to the position as if the contract had not existed. Both parties rescind a contract by mutual agreement, since a unilateral cancellation of a contract is a breach of the contract and could result in a lawsuit by the non-cancelling party. (See: rescission)
http://legal-dictionary.thefreedictionary.com/Rescind
Rescission in the sense of termination. Rescission in this sense is not the focus of this article. Where a contract is terminated, obligations under the contract are only discharged prospectively; the contract is not rendered void ab initio.
https://en.wikipedia.org/wiki/Rescission
Rescission at common law. Rescission at common law (as distinct from rescission in Equity) is a self-help remedy: historically, the common law courts simply gave effect to the rescinding party's unequivocal election to rescind the contract.
https://en.wikipedia.org/wiki/Rescission
According to Hartwig, insurers can move to rescind a D&O policy under one of three exclusions--outright fraud has been committed; there was criminal wrongdoing; or there was an intentional act, such as insider trading.
http://legal-dictionary.thefreedictionary.com/Rescind
Yet, there were vociferous protests directed at the Human Relations Commission to rescind the award, amid accusations that my father was an anti-Semite, Muslim zealot, Hamas sympathizer and any other epithet that might discredit him.
http://legal-dictionary.thefreedictionary.com/Rescind
In contract law, rescission has been defined as the unmaking of a contract between parties. Rescission is the unwinding of a transaction. This is done to bring the parties, as far as possible, back to the position in which they were before they entered into a contract (the status quo ante).
https://en.wikipedia.org/wiki/Rescission
• Most states still allow insurance companies to rescind policies if there was a fraud in the representations made to secure the policy. • Acontract may be rescinded if there was fraud in the inducement, meaning a fraud with the underlying transaction and not with the nature of the contract or document signed.
http://financial-dictionary.thefreedictionary.com/Rescind
1 First, where a party to a contract exercises an express right of termination, he or she is sometimes said to have exercised a right to rescind the contract.  Secondly, where a party is faced with a repudiation, the party can elect to terminate the contract; this too has often been referred to as an election to rescind.
https://en.wikipedia.org/wiki/Rescission
The US state of Virginia uses the term cancellation for equitable rescission. Furthermore, a minority of common law jurisdictions, like South Africa, use the term rescission for what other jurisdictions call reversing, overturning or overruling a court judgment.
https://en.wikipedia.org/wiki/Rescission
Rescission may occur by mutual agreement, or when one of the parties misrepresented himself/herself before the contract was signed. To withdraw or undo.The act itself is called rescission. If a party has a right of rescission, the party may rescind a transaction.Important rescission rights include the following: • Under the Truth-in-Lending Act, consumers may rescind a loan transaction if the lender failed to provide all required disclosures.
http://financial-dictionary.thefreedictionary.com/Rescind
what does rescind mean on insurance policy
On insurance policy, rescind means the unmaking of a contract between parties. In insurance policy, rescind means the unmaking of a contract between parties.