Understanding the concept of “rescission” is crucial in various legal and business contexts. This article will delve into the meaning of rescission, its Hindi equivalent, and its implications in Indian law and business practices. We will explore different scenarios where rescission might apply, providing clear examples to aid comprehension.
What Does Rescission Mean?
Rescission refers to the cancellation of a contract, effectively returning both parties to their pre-contractual positions. It’s as if the contract never existed. This legal remedy is often pursued when a contract is deemed voidable due to factors like misrepresentation, fraud, duress, or undue influence. It’s important to distinguish rescission from termination, which simply ends the contract at a specific point, without undoing its past effects.
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Rescission Meaning in Hindi: खारिज करना (Khaarij Karna)
The most common Hindi equivalent for “rescission” is खारिज करना (Khaarij Karna), which translates to “to reject” or “to dismiss.” Other related terms include रद्द करना (Radd Karna) meaning “to cancel” and अमान्य करना (Amaanya Karna) meaning “to invalidate.” The specific term used might vary depending on the context.
Rescission in Indian Law
Indian contract law recognizes rescission as a vital remedy for aggrieved parties. Section 19 of the Indian Contract Act, 1872, deals with voidable contracts, which can be rescinded by the party whose consent was obtained through coercion, undue influence, fraud, or misrepresentation. Section 64 of the Act further clarifies the obligations of parties upon rescission, requiring them to restore any benefits received under the contract.
Practical Examples of Rescission in India
- Property Purchase: Imagine purchasing a property based on false information provided by the seller. Upon discovering the misrepresentation, you can seek rescission of the sale agreement, returning the property and receiving a refund.
- Business Partnership: If a partner enters a business partnership under duress, they can later rescind the partnership agreement, dissolving the partnership and reclaiming their initial investment.
How to Rescind a Contract in India?
Rescission is typically achieved through a court order. The aggrieved party needs to file a lawsuit seeking rescission and demonstrate the grounds for it. It’s advisable to consult with a legal professional to navigate this process.
What Happens After Rescission?
After rescission, the contract is deemed void ab initio, meaning it’s treated as if it never existed. Both parties must return any benefits received under the contract. This process is called restitution.
Conclusion
Understanding “rescission” (खारिज करना) is crucial for navigating legal and business landscapes in India. It’s a powerful remedy for addressing unfair or invalid contracts, ensuring justice and fairness.
FAQ
- What is the difference between rescission and termination? Rescission cancels the contract entirely, as if it never existed, while termination ends the contract from a certain point forward.
- Can any contract be rescinded? No, only voidable contracts can be rescinded.
- How do I initiate the rescission process? By filing a lawsuit in the appropriate court.
- What is restitution? The process of returning benefits received under a rescinded contract.
- Is legal counsel required for rescission? It’s highly recommended to consult with a legal professional.
- What are the grounds for rescission in India? Coercion, undue influence, fraud, and misrepresentation.
- What is the Hindi word for rescission? खारिज करना (Khaarij Karna).
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