Generally, once a contract is agreed it becomes legally binding and the parties involved will be lawfully obliged to perform as per the contractual terms and conditions. In reality, however, it is not always that straightforward and things can often go awry.
If one signatory believes that the contract is not being upheld from the other end, depending on what that breach may be, they could choose to either affirm the contract and claim any resulting damages; they may attempt to terminate the contract, or they could seek to legally cancel or rescind it altogether.
But in what way do these actions differ and how will the parties involved be impacted? In this article, we take a closer look at how contracts work and what is meant by the terms rescinding (cancelling) or terminating.
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