Rescission
Canceling a contract and returning the parties to the positions they held before it was made.
Rescission cancels a contract and unwinds it, returning each party to the position it was in before the contract existed. Deposits are typically returned and obligations are released.
Rescission can occur by mutual agreement, by a contract right such as a cancellation period, or as a remedy ordered by a court, for example after fraud or misrepresentation.
On the exam
Exam trap
Tested in
Contracts (12% of the exam)
From definition to recall
See this term inside a real exam question.
Pass Florida gives you Florida-specific practice, diagnostics across the 19 exam areas, Trap Library, Math Coach, offline access, and one $39.99 purchase. No subscription. No copied exam questions.
Try 5 free questionsRelated terms
This definition is Florida real estate exam-prep education, not legal, tax, or professional advice. Verify current rules against the official source before relying on them for a real transaction. Back to the full glossary.