If you get a call saying a company has decided to rescind your job offer, it's back to the classifieds for you. Rescind is an official reversal.
Things that are rescinded: policies, court decisions, regulations, and official statements. What all these examples have in common is that they are on the record. Also, rescind usually refers to promises instead of tangible objects. You can't rescind a shirt a friend has borrowed from you, but you can rescind your offer to loan them your jeans.