- When an individual or party involved in a contract is entitled to renege or retract the contract at his or her discretion.
rescindable, contractual condition, rendered void, annulled
Related Terms and Acronyms
- Blank Cheque — Definition,
- A cheque that does not have a dollar amount written on it.
- Breach of Contract (BOC) — Acronym,
- Failure to abide by terms of a legal agreement without a legal excuse.
- Contract — Definition,
- An agreement between two or more parties that can be enforced by law.
- Void — Definition,
- Of no legal effect. A nullity.
- Void Cheque — Definition,
- A check with the word "VOID" written on the face that cannot be cashed.