Rescission
In contract law, rescission has been defined as the unmaking of a contract between parties. Rescission is the unwinding of a transaction. This is done to bring the parties, as far as possible, back to the position in which they were before they entered into a contract (the status quo ante).
Wikipedia
Rescinsion (noun)
Rescission.
Rescission (noun)
An act of removing, taking away, or taking back.
Rescission (noun)
The undoing of a contract; repeal.
Wiktionary