What does it mean to rescind the contract?

• Rescission (cancellation) takes place when a buyer or a vendor cannot complete a contract.
• A buyer or a vendor can only rescind a contract under very limited circumstances.
• If the contract does not contain a prescribed document the purchaser may rescind the contract within 14 days from the date of exchange.
• If the vendor breaches any of the vendor warranties implied under the law the purchaser has the right to rescind the contract unless the vendor has contracted out of those warranties in the special conditions...
• If the time for completion is of the essence then failure to complete the contract on time provides the aggrieved party with the right to rescind the contract.
• A vendor who cannot or does not want to answer a requisition can rescind the contract.