48. Rescission as a remedy.

The term 'rescission' bears a number of meanings in English law1. This is apt to cause confusion2. For the purposes of this title it refers to the process by which a transaction, valid at law, is set aside by a court of equity for mistake3. In considering rescission as a remedy, it must be remembered that before 1875 courts of equity exercised a number of different jurisdictions4. These included: (1) that which was concurrent with courts of common law (for example, cases of fraud); (2) that which was auxiliary to the common law (for example, bills of discovery); and