Definition of "rescission" [re•scis•sion]

• The act of rescinding. (noun)

American Heritage(R) Dictionary of the English Language, Fifth Edition. Copyright (c) 2011 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

• "The $113 million rescission from the FY'09 Commercial Crew and Cargo budget, based on my review, would appear to still leave enough funds to cover milestone payments for both Orbital and SpaceX."
• "That has absolutely nothing to do with whether or not rescission is permitted under fraudulent pretenses on the part of the insurer."
• "In fact, that change -- an end to the practice of "rescission" -- would happen right away."