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English definition of “rescission”

rescission

noun [C or U]     /rɪˈsɪʃən/ US   /rɪˈsɪʒən/ formal LAW
the act of officially ending a law, taking back a decision, or saying that an agreement no longer exists: All investors have rescission rights. They are seeking a rescission of the merger and unspecified damages.
(Definition of rescission noun from the Cambridge Business English Dictionary © Cambridge University Press)
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