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
SYNONYMS:
abandonment, abortion, calling, calling off, dropping, recall, recision, repeal, rescission, revocationRELATED WORDS:
annulment, invalidation, neutralization, nullification, voidance; abolishment, abolition, ending, halting, stopping, termination; giving up, relinquishment, surrender; reversal, rollbackNEAR ANTONYMS:
beginning, commencement, initiation; engagement, undertaking
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