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Is there a legal/business term for "getting out of a [business] deal"?

The context is say somebody has done everything he/she was supposed to do, and handed over all his/her responsibilities to someone else. That person now wants to write or say something like "I'm done, I'm out of this deal/business/enterprise". Is there a better or more technical way to express that?

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  • Deal is itself a rather vague term, and is definitely not a formal legal term, so one cannot expect there to be a legal term that would mean exactly 'getting out of a deal'. If one wishes to use a legal term for getting out of a particular deal, one first needs to know what the legal term for that particular deal is and what the legal nature of getting out of it is; if one knows that, the answer will be obvious – jsw29 Jul 14 '20 at 15:28
  • @jsw29 Not sure about the exact nature of said business deal, but let's assume for the sake of the argument, that it's a real estate transaction (e.g. purchase or sale of a house, or even a rental agreement). – am304 Jul 14 '20 at 15:51
  • Again, a lot would depend on what precisely the transaction itself is called, what stage of the transaction has been reached so far, what provisions have already been made about the possibility of pulling out, what consequences of pulling our one is willing to accept, what jurisdiction one is in, etc. Once all these details are filled in, the question would turn out into a legal question, rather than a question that can be answered on a site devoted to English language in general. – jsw29 Jul 14 '20 at 16:04
  • I am not after a specific answer but a generic one, that can apply to a wide variety of situations. The real estate one is just an example. The term doesn't have to be legal, it can be simple "business speak". – am304 Jul 14 '20 at 18:38
  • I really think you need to provide more context. That said, if you want something really generic, you could probably say something like, "I am no longer involved in/participating in/ associated with this transaction." – Isabel Archer Jul 15 '20 at 2:58
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If it is a contractual obligation you are talking about, one may void, annul, or invalidate the contract.

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  • One may void/annul/invalidate the contract only if it is legally possible to do so, and whether it is legally possible to do so depends on the specifics of the situation. One may also breach the contract (and accept the consequences) or try to renegotiate it. But perhaps, the contract hasn't yet been entered into, and one is only pulling out of the negotiations about it. We don't know the specifics, and if we did know them, it would still require legal expertise, specific to the jurisdiction, to answer the question. – jsw29 Jul 14 '20 at 16:10

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