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Rescission is a mutual agreement by both parties, after an original contract was entered into, to no longer be obliged to the terms of the original contract. The rescission is entered after the original contract was entered into but before any party performed any part of the original contract. Rescission essentially sets aside the original contract and puts the parties back to their starting position before the original contract was created. The right to rescind is limited to the parties to the contract or the individuals authorized to act on the parties' behalf. It’s either entered by a decree or by mutual agreement.