re·scis·sion 
(rĭ-sĭzhən)
(rĭ-sĭzhən)n.
1. The act of rescinding.
2. Law The termination of a contract by mutual agreement or as a result of fraud or some legal defect.
[Latin rescissiō, rescissiōn-, from rescissus, past participle of rescindere, to rescind; see RESCIND.]
re·scisso·ry (-sĭzə-rē, -sĭs-) adj.