rescindrescind: in contract disputes, to set aside a contract, or t...: in contract disputes, to set aside a contract, or to undo it, so that it will be as though the contract never existed; rescission of a contract can take place on a number of grounds, including where a contract was entered into as a result of fraudfraud: in the context of commercial dispute resolution (as o..., misrepresentationmisrepresentation: in contract disputes, a false statement t... or economic duress; a party having a right to rescindrescind: in contract disputes, to set aside a contract, or t... a contract must positively communicate his election to rescindrescind: in contract disputes, to set aside a contract, or t... to the other party.