What is Rescission?

Rescinding means to cancel or revoke a decision, policy, or agreement. It is the act of taking back or withdrawing something that was previously given or agreed upon.
For example, if a company issues a statement or makes a promise, and then later decides to retract or reverse that statement or promise, they may issue a rescission notice to formally cancel or revoke the original statement or promise.
In legal contexts, rescission can refer to the cancellation of a contract or agreement, and it is often used interchangeably with the term "cancellation." However, while cancellation refers to the act of terminating a contract or agreement, rescission specifically refers to the act of taking back or revoking something that was previously given or agreed upon.
Rescission can be initiated by either party to a contract, and it typically involves the return of any consideration that was exchanged as part of the original agreement. For example, if someone purchases a product and then decides they no longer want it, they may request a rescission of the sale and return the product in exchange for a refund.
In summary, rescinding is the act of canceling or revoking something that was previously given or agreed upon, and it can be used in both legal and non-legal contexts to describe the cancellation of a decision, policy, or agreement.