Rescissible Contracts

In General –

• All of the essential Requisites of a contract exist
• The contract is valid
• Defective because of the injury or damage to either the contracting parties or to third persons’
• as consequence of which it may be rescinded by means of proper action for Rescission.

Characteristics –

1. Their defect consists in injury or damage either to one of the contracting parties or to third persons.
2. Before the Rescission, they are valid and therefore, legally effective.
3. They can be attacked directly only, and collaterally.
4. They can be attacked only either by a contracting party or by a third person who is injured or defrauded.
5. They are susceptible of convalidation only by prescription and not by ratification.

Concept –

• Rescission is a remedy granted by law to the contracting parties, and even to third persons,
• To secure reparation of damages caused to them by a contract,