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Legal Basis for Rescission of Contracts in the Philippine Civil Code. By admin:-) No Comments; Rescission refers to the cancellation of an agreement or contract either through mutual agreement of the parties or for cause. A party can rescind a contract when the other party fails to comply with his legal obligation. This is done through judicial Title XI. – LOAN GENERAL PROVISIONS. Art. 1933. By the contract of loan, one of the parties delivers to another, either something not consumable so that the latter may use the same for a certain time and return it, in which case the contract is called a commodatum; or money or other consumable thing, upon the condition that the same amount of the same kind and quality shall be paid, in which
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