In contract law, rescission (to rescind or set aside a contract) refers to the cancellation of the contract between the parties. This is done to bring the parties as far as possible to the position they were before they entered into a contract. This an equitable remedy and is discretionary. The court may decline to rescind a contract if one party has affirmed the contract by his action (see Long v Lloyd) or a third party has acquired some rights or there has been substantial performance in implementing the contract.