Rescission (noun)

The act of cancelling or voiding a contract or agreement; a legal termination.

Origin:

From latin rescissio (meaning 'a cutting off, rescinding').

Examples:

1. The rescission of the treaty was a major setback for the diplomatic efforts of the two countries.
2. The company was granted rescission of the contract due to the supplier's breach of terms.
3. The rescission of the law was a victory for the protesters who had been calling for its repeal.
4. The rescission of the lease allowed the tenants to move out without penalty.
5. The rescission of the permit was a blow to the developer's plans for the proposed project.