Rescission of Contract Meaning in Tagalog: What You Need to Know
When it comes to legal terms, it`s important to understand their meaning both in English and in the local language. One such legal term is “rescission of contract.” In this article, we will discuss the rescission of contract meaning in Tagalog.
What is Rescission of Contract?
Rescission of contract refers to the cancellation or termination of a contract by the parties involved. This can be done either by mutual agreement or through legal action. When a contract is rescinded, it is treated as though it never existed.
Common Reasons for Rescission of Contract
There are several reasons why a contract may be rescinded. These include:
1. Fraud or Misrepresentation – If one party has intentionally provided false information, the other party may rescind the contract.
2. Mistake – If a mistake was made during the negotiation or drafting of the contract, it may be rescinded.
3. Duress or Coercion – If one party was forced or threatened into signing the contract, it may be rescinded.
4. Breach of Contract – If one party fails to fulfill their obligations under the contract, the other party may rescind it.
Rescission of Contract in Tagalog
In Tagalog, rescission of contract is commonly referred to as “pagpapawalang-bisa ng kasunduan.” This phrase literally translates to “cancellation of agreement.”
When a contract is rescinded, it is important to document the agreement properly. This includes providing written notice to all parties involved and outlining the reasons for rescission. The rescission should also specify what will happen to any funds or property exchanged under the contract.
Understanding legal terms such as rescission of contract is important for anyone involved in business or legal matters. In Tagalog, rescission of contract is referred to as “pagpapawalang-bisa ng kasunduan.” Whether you`re negotiating a contract or dealing with a breach of contract, it`s crucial to know your rights and options. If you`re unsure about the legality of a contract or need help with rescission, it`s best to consult with a legal expert.