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Wiktionary (0.00 / 0 votes) Rate this definition: rescind (Verb). To repeal, annul, or declare void; to take (something such as a rule or contract) out of effect. The agency will rescind the policy because many people are dissatisfied with it. Origin: From the rescindo, from re- + scindo.
A misrepresentation in a contract can give a party the right to rescind the contract. A Rescission of a contract returns the parties to the positions they held before the contract was made. A party can rescind a contract for misrepresentation only if the statement was material, or critical, to the agreement.A misrepresentation on the part of the insured in an insurance policy can give the insurer the right to cancel the policy or refuse a claim.isrepresentation. MISREPRESENTATION, contracts. The statement made by a party to a contract, that a thing relating to it is in fact in a particular way, when he knows it is not so.