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In contract law, rescission is an equitable remedy which allows a contractual party to cancel the contract. Parties may rescind if they are the victims of a vitiating factor, such as misrepresentation, mistake, duress, or undue influence. [1] Rescission is the unwinding of a transaction.
In Canada, the Supreme Court of Canada has recognised that good faith contractual performance is a general organising principle of the common law.This duty applies to all contracts, requiring parties to act honestly in the performance of their obligations, and therefore would operate to determine whether activation of a termination for convenience clause had been done in good faith.
“Generally, if the buyer is not performing, then the seller can cancel the contract, provided the seller has complied with the provisions in the contract regarding notice to the buyer to perform.”
Upon revocation, the buyer can then cancel the contract and compel refund of the purchase price of the goods. In some states, the courts allow the seller to set off the price for the time the buyer kept the goods before the revocation. Revocation can also refer to the termination of an offer. [2]
If so, then go ahead and cancel it. Whether you’ve canceled the card by phone or by mail, it’s best to follow up with a certified letter announcing that you have requested to close the account. 6.
The letter of revocation can be effective only when received, that is Day 4. However, a contract was formed on Day 3 when the letter of acceptance was posted. It is too late for A to revoke the offer. Example 2: Day 1: A makes an offer to B. Day 2: B intends to reject the offer by putting a letter in the mail to A rejecting the offer.