rescission

If you’ve really had it with your business partner, you may make a motion for rescission to dissolve your legal ties. Rescission refers to the canceling of a contract or other legal agreement.

The word rescission entered English in the17th century from the Latin word rescissio(n-), from resciss-, meaning “split again.” When a rescission takes place, you can think of it as two parties that are split up again — it’s as if they never had any ties together. You’ll most often hear the word used in a legal context. If someone violates part of a contract, then the other party might seek rescission, meaning the contract will be declared void.

Definitions of rescission
1

n (law) the act of rescinding; the cancellation of a contract and the return of the parties to the positions they would have had if the contract had not been made

Synonyms:
recission
Type of:
cancellation
the act of cancelling; calling off some arrangement