On Consumer's Right Of Rescission

Consumer's right of rescission, which is also called"regret right"or"withdraw right", tends to protect consumers' rights. It means that consumers have the right to cancel consumer contracts and return purchased goods unilaterally unconditionally in a determined and reasonable period. Through the exercise of this right, trading parties may return to the beginning state of contract concluded. Although the exist of consumer's right of rescission deviates from Pacta Sunt Servanda, it coincides with substantial justice which the civil law pursues and realize contract freedom in a very real sense. Now legislation on consumer's protection in some countries and regions all has provisions similar to consumer's right of rescission. It plays an important role in limiting operators' bad sales behaviors and protecting consumer's substantial contract freedom. China's consumer protection legislation has the embryonic of consumer's right of rescission, but it is all regulated in laws and regulations which have low effect level and limited adjusting range. So it is difficult to give full play to the real effect of consumer's right of rescission. Only by constructing a complete mature system of consumer's right of rescission can China solve this legal problem.Therefore, this paper analyses the concept of consumer's right of rescission, justifies this right theoretically from the perspective of economics and law and study relevant legislation in other countries and China's current legislation and practice status quo in order to put forward the idea of perfecting consumer's right of rescission system. This paper suggests that we should guarantee normal operation of consumer's right of rescission from two aspects, namely exercise and regulation of consumer's rescission right and establishment of security measure, so as to realize the win-win situation of consumers and business operators.