Akademik

can·cel vt -celed or -celled, -cel·ing, or, -cel·ling

1: to destroy the force, validity, or effectiveness of: as

a: to render (one's will or a provision in one's will) ineffective by purposely making marks through or otherwise marring the text of compare revoke

◇ The text of the will or of the will's provision need not be rendered illegible in order for a court to find that there was an intent to cancel it.

b: to make (a negotiable instrument) unenforceable esp. by purposely marking through or otherwise marring the words or signature of

◇ As stated in section 3-604 of the Uniform Commercial Code, a party that is entitled to enforce a negotiable instrument may cancel the instrument, whether or not for consideration, and discharge the obligation of the other party to pay.

c: to mark (a check) to indicate that payment has been made by the bank

◇ A check is no longer negotiable once it has been cancelled.

d: to withdraw an agreement to honor (a letter of credit)

when an issuer wrongfully cancel s or otherwise repudiates a credit before presentment of a draft — Uniform Commercial Code

2: to put an end to (a contract): as

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

◇ 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

◇ 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.

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

can·cel·able or can·cel·la·ble adj