When a contract is terminated and eachparty gives anything acquired under the contractback to the other party (verb form is rescind).Compare: Cancellation.

Merriam-Webster Online Dictionary
rescission (noun)
an act of - rescinding
Merriam-Webster Online Thesaurus
rescission (noun)
the act of putting an end to something planned or previously agreed to
abandonment, abortion, calling, calling off, dropping, recall, recision, repeal, rescission, revocation
annulment, invalidation, neutralization, nullification, voidance; abolishment, abolition, ending, halting, stopping, termination; giving up, relinquishment, surrender; reversal, rollback
beginning, commencement, initiation; engagement, undertaking
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