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Consensual contract cancellation
(تَقايُلٌ)
من موسوعة المصطلحات الإسلامية
المعنى الاصطلاحي
Revoking a concluded contract and its implications, with mutual consent.
الشرح المختصر
"Taqāyul" (consensual contract cancellation) is termination of a binding financial contract and its implications by the contracting parties, who do so consensually. The original owner thus gets back the sold item, and the buyer is refunded the price. This usually takes place when either or both of them regret the transaction.
التعريف اللغوي المختصر
"Taqāyul": elimination, removal. Other meanings: revoking a former agreement between two persons, cancellation.