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rescission (n.)

1610s, "action of cutting off" (a sense now obsolete); 1650s, "action of annulling," from Late Latin rescissionem (nominative rescisio) "annulment, a making void," noun of action from past-participle stem of rescindere "to cut off; abolish" (see rescind).

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Definitions of rescission from WordNet

rescission (n.)
(law) the act of rescinding; the cancellation of a contract and the return of the parties to the positions they would have had if the contract had not been made;
Synonyms: recission
From wordnet.princeton.edu