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What is a rescission?

What is a rescission? Here are some definitions.

Noun
  1. An act of removing, taking away, or taking back.
  2. (law) The undoing of a contract; repeal.
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Examples
The trio then promptly lodged a rescission, along with a notice of motion proposing a nine-member council.
The notice will also indicate that the rescission process will continue, even if the individual does not reply within the prescribed time.
This rescission right does not extend to Holders buying a Deposit Note in the secondary market.
The cooling-off period is expected to replace the existing rights of withdrawal and rescission provided to investors.
The plaintiff seeks restitution based on rescission of the contract as a result of the failure of the defendant to disclose.
If repairs fail, the customer may demand at his choice lowering of remuneration or rescission of the contract.

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