term:

Rescind

rescind vb

[Latin rescindere to cut loose, annul, from re- away, back + scindere to cut, split]
vt
1 : to take back and make void [ed its suspension of his license]
2 : to abrogate (a contract or transaction) by mutual agreement, judicial decree, or unilateral declaration because of fraud, mistake, duress, misrepresentation, illegality, a breach, or another sufficient ground with both parties restored to their positions before the contract was made [denied that the other party had the right to the contract] compare cancel, terminate
3 : to make void by the same or by a superior authority [ a regulation]
vi
: to rescind something (as a contract)
re·scind·able [-sin-də-bəl]
adj

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