Rescission is one of the most important activities in the law of contract. The right or the possibility to rescind is no less important than the right to specific performance or damages. Indeed, in many cases, when specific performance is either undesired or impossible, and no harm entitling damages has been caused, it will be the major right.
Despite this importance, Israeli contract laws have left many questions regarding rescission open (e.g. the character of the rescission, its range, contents and results regarding both contracting parties and third parties). The silence of the Israeli legislature in these matters is typical of Israeli civil law legislation in which major areas of law are condensed into a few laconic provisions. This attitude leaves much room for construction of the statute and for judicial legislation.