Rescission
/rɪˈsɪʒn/
Definition 1 of 1
Pro Tip 1/3Legally Binding
Rescission voids a contract as if it never happened, legally undoing it. 
After discovering fraud, the judge declared a rescission of the business deal.
Pro Tip 2/3Mutual Consent
Often, rescission requires all parties to agree, unless court-ordered. 
The partners reached a mutual rescission of their agreement amicably.
Pro Tip 3/3Corrective Action
Rescission corrects a mistaken or unjust situation in contracts and agreements. 
Due to the error in property boundaries, a rescission was necessary.