Definitions
- Referring to a contract or agreement that can be cancelled or annulled by a court of law. - Describing a legal action that can be taken to invalidate a contract or agreement. - Talking about a situation where a contract or agreement is deemed voidable and can be rescinded.
- Referring to a contract or agreement that is not automatically invalid but can be made so by one of the parties involved. - Describing a legal term that allows for the cancellation of a contract or agreement. - Talking about a situation where a contract or agreement is deemed voidable and can be cancelled.
List of Similarities
- 1Both terms are used in legal contexts.
- 2Both refer to contracts or agreements that can be cancelled or invalidated.
- 3Both require legal action to be taken to make them void or rescind them.
What is the difference?
- 1Definition: Rescissible refers to a contract or agreement that is deemed void from the beginning, while voidable refers to a contract or agreement that is initially valid but can be made void by one of the parties involved.
- 2Cause: Rescissible contracts are typically voided due to fraud or misrepresentation, while voidable contracts can be voided due to various reasons such as duress, undue influence, or incapacity.
- 3Timing: Rescissible contracts are void from the beginning, while voidable contracts become void only after one of the parties takes legal action to cancel them.
- 4Effect: Rescissible contracts are considered void ab initio, meaning they are treated as if they never existed, while voidable contracts are considered valid until they are cancelled or invalidated.
- 5Remedy: The remedy for a rescissible contract is rescission, which means the contract is cancelled and both parties are restored to their original positions before the contract was made. The remedy for a voidable contract is either rescission or affirmation, which means the contract remains valid and enforceable.
Remember this!
Rescissible and voidable are two legal terms used to describe contracts or agreements that can be cancelled or invalidated. The difference between them lies in their definition, cause, timing, effect, and remedy. A rescissible contract is void from the beginning and is typically cancelled due to fraud or misrepresentation. A voidable contract is initially valid but can be made void by one of the parties involved due to various reasons such as duress, undue influence, or incapacity.
