When is meant by recession of contract?

Recession is when a contract is rendered  null and void, and no longer recognized as legally binding. Recession of a contract refers to the act of cancelling, voiding, or terminating a legally binding agreement or contract between two or more parties. This can occur when one or both parties involved in the contract wish to undo the terms and obligations outlined in the document. Recession of a contract may be based on various reasons, such as mutual consent, a breach of contract, fraud, misrepresentation, mistake, or other valid legal grounds. It effectively restores the parties to their positions before the contract was entered into, as if the contract never existed.

This FAQ is prepared by Sadia Saman Advocate