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TeachMeFinance.com - explain rescission of contract rescission of contract -- the replacing of a contract by mutual consent or by either party for reasonable cause. See right of rescission. right of rescission -- the borrower's statutory right under the Truth-in-Lending law to change his or her mind and cancel a loan within three business days from the date of the loan application. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.