term:

Cancel

cancel vt

-celed or: -celled
-cel·ing or: -cel·ling
1 : to destroy the force, validity, or effectiveness of: as
a : to render (one's will or a provision in one's will) ineffective by purposely making marks through or otherwise marring the text of compare revoke NOTE: The text of the will or of the will's provision need not be rendered illegible in order for a court to find that there was an intent to cancel it.
b : to make (a negotiable instrument) unenforceable esp. by purposely marking through or otherwise marring the words or signature of NOTE: As stated in section 3-604 of the Uniform Commercial Code, a party that is entitled to enforce a negotiable instrument may cancel the instrument, whether or not for consideration, and discharge the obligation of the other party to pay.
c : to mark (a check) to indicate that payment has been made by the bank NOTE: A check is no longer negotiable once it has been cancelled.
d : to withdraw an agreement to honor (a letter of credit) [when an issuer wrongfully s or otherwise repudiates a credit before presentment of a draft "Uniform Commercial Code"]
2 : to put an end to (a contract): as
a : to end (a contract) by discharging the other party from obligations as yet unperformed
b : to end (a contract) in accordance with the provisions of U.C.C. section 2-106 or a similar statute because the other party has breached compare rescind, terminate NOTE: Section 2-106 provides that a party that cancels a contract because of the other party's breach is entitled to seek remedies for breach of all or part of the contract.
c : to put an end to (a lease contract) because of the default of the other party NOTE: Under U.C.C. section 2A-505, a party that cancels because of the other party's default may seek remedies for the default of all or any unperformed part of the lease contract.
3 : to terminate (an insurance policy) before the end of policy period usually as allowed by policy provisions
can·cel·able
or
can·cel·la·ble

adj

Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.