Rescission of Contract Meaning in Hindi: परित्याग करना
Rescission of contract is a legal term that refers to the cancellation of a contract. This can happen for various reasons, such as a breach of the contract or a mutual agreement between the parties involved. In Hindi, rescission of contract is known as परित्याग करना.
When a contract is rescinded, both parties are released from their obligations under the contract and the terms of the agreement are considered null and void. This means that any actions taken under the contract, such as payments made or services rendered, must be reversed.
For example, if two parties enter into a contract for the sale of a product, but the seller fails to deliver the product as promised, the buyer may choose to rescind the contract and demand a refund. In such a case, both the buyer and seller are released from their obligations under the contract, and the buyer is entitled to a refund of any payments made for the product.
Rescission of contract can also occur by mutual agreement between the parties involved. This can happen if one party wishes to terminate the contract early, or if both parties agree that the terms of the contract are no longer relevant.
It is important to note that rescission of contract is different from termination of contract. Termination of contract refers to the ending of a contract for a specific reason, such as a breach of the contract or completion of the contract. Rescission of contract refers to the cancellation of the contract altogether, as if it never existed.
In conclusion, rescission of contract is an important legal concept that is used to cancel contracts for various reasons. Whether it is due to a breach of contract or mutual agreement between the parties involved, rescission of contract releases both parties from their obligations under the agreement. In Hindi, rescission of contract is known as परित्याग करना.