What is the Meaning & Definition of rescind

Terminate is a strictly legal concept as a result of wide application and use in this context and which refers to the Act or decision by which a particular person, company, organization, Corporation, among others, by means of a prior judicial declaration will leave void a contract, act or legal obligation previously taken with another individual, company or organization.
Although it varies according to the legislation in question, generally, the person in whose favour the legal obligation or contract is sent will be having the possibility or faculty to rescind it. Although clear, obviously, and for any reason that warrants it or question of major force, the counterparty may also require the invalidity or termination of a contract or at least subjecting it to justice review to see if it is viable or not interrupt it.
Termination, then, is one of the main causes why you can put an end to a legal obligation, but not the only clear is (extinction, invalidity, death, absence), meanwhile, among the most recurrent factors that put an end to these we find for example what mentioned above, failure to comply with one of the parties , from which, are prompted to another termination and able in case of having been established as one of the conditions of the contract, the accused default party may, moreover, ask an amount of money compensation because the contract or obligation was extinguished before the planned time.