Question

Discuss rescission and restitution.

Answer 1

Rescission - it is the activity of terminating a legal contract based on mutual agreement or based on an act of fraud, misrepresentation or any legal defect as well. Some stakeholders or entities have the right to rescind a contract or law.

Restitution - it is the act of remedy in case of a breach of contract and can be termed as gain based recovery where the defendant have to give off their cliams to the plaintiff and this is quite contrasting with the loss based recovery in the law of compensation.