rescind

To declare a contract void—of no legal force or binding effect—from its inception and thereby restore the parties to the positions they would have occupied had no contract ever been made.

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rescind v. to cancel a contract, putting the parties back to the position as if the contract had not existed. Both parties rescind a contract by mutual agreement, since a unilateral cancellation of a contract is a "breach" of the contract and could result in a lawsuit by the non-cancelling party. (See: rescission)

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rescind verb abolish, abrogare, abrogate, annul, call back, cancel, countermand, counterorder, cut off, cut short, declare null and void, disannul, discard, dismiss, dissolve, do away with, end, erase, negate, nullify, obliterate, override, overrule, quash, recall, recant, remove, render invalid, renege, renounce, repeal, repudiate, rescindere, retract, reverse, revoke, set aside, sweep aside, take back, vacate, void, wipe out, withdraw
Associated concepts: rescind a contract, rescind an offer

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See also: abate, abolish, adeem, annul, cancel, disavow, discharge, disclaim, disinherit, disown, extinguish, invalidate, negate, nullify, overrule, quash, recall, recant, renege, repeal, revoke, vacate, vitiate, void, withdraw