Rescission is a form of relief which is available in respect of a variety of transactions (contract, gifts and conveyances) where one of the parties is subject to a vitiating factor (such as duress, fraud or misrepresentation) and she wants to get out of or ‘set aside’ the transaction. Rescission allows her to reverse the transaction. It has been said that ‘[t]he basic objective of the relief given upon rescission is to restore the parties to their original positions or, where rescission occurs in equity, as near to those positions as may be’. There is no requirement for the party seeking to rescind to suffer loss in the sense in which this is understood in the context of compensatory damages: she merely has to point to a vitiating factor. Although the party seeking to rescind can set aside the transaction, it is not voided: rather, it is rendered ‘voidable’. In other words, a voidable contract is valid and effective unless and until the plaintiff elects to rescind it. However, once a contract is rescinded it ‘is treated in law as never having come into existence’, although it is recognised that it formerly existed. All unperformed obligations under the contract are extinguished once a contract has been rescinded. The contract is extinguished as from the beginning (ab initio).

This chapter recapitulates the main findings of the book. First, it rearticulates that the principle of CHM as the tenet for the DSM regime can stand against changes of circumstances as it reflects a trend of international law – community interests. Then, it explains the role each participant plays in the marine environmental protection in DSM. Thirdly, it highlights the role of marine sciences as well as the necessity to respond to its limitations. Fourthly, it clarifies international environmental obligations of participants. Especially, it highlights the fact that the ISA takes a leading role in applying the precautionary approach which is of particular importance in a context of scientific uncertainty of DSM’s impact on the marine environment. Fifthly, it synthesizes the establishment, content and implementation of liability of participants, and points out the practical difficulties in the application of liability regimes. Final observations about the future development of DSM regime are made in the end.