cancel

cancel

transitive verb | can·cel

  1. a : to end (a contract) by discharging the other party from obligations as yet unperformed

    b : to end (a contract) in accordance with the provisions of U.C.C. section 2-106 or a similar statute because the other party has breached — compare rescind, terminate

    Note: Section 2-106 provides that a party that cancels a contract because of the other party's breach is entitled to seek remedies for breach of all or part of the contract.

    c : to put an end to (a lease contract) because of the default of the other party

    Note: Under U.C.C. section 2A-505, a party that cancels because of the other party's default may seek remedies for the default of all or any unperformed part of the lease contract.

    d : to withdraw an agreement to honor (a letter of credit) when an issuer wrongfully cancels or otherwise repudiates a credit before presentment of a draft —Uniform Commercial Code

    a : to end (a contract) by discharging the other party from obligations as yet unperformed

    b : to end (a contract) in accordance with the provisions of U.C.C. section 2-106 or a similar statute because the other party has breached — compare rescind, terminate

    Note: Section 2-106 provides that a party that cancels a contract because of the other party's breach is entitled to seek remedies for breach of all or part of the contract.

    c : to put an end to (a lease contract) because of the default of the other party

    Note: Under U.C.C. section 2A-505, a party that cancels because of the other party's default may seek remedies for the default of all or any unperformed part of the lease contract.

  1. : to terminate (an insurance policy) before the end of the policy period usually as allowed by policy provisions