rescission

noun

Etymology: 1651, Late Latin rescissio, from Latin rescindō (“to cut back”), from re- (“back”) + scindō (“to cut”).

1. An act of rescinding: removing, taking away, or taking back.
2. The undoing of a contract; repeal.

   “According to him, they said, "'Resign or we'll fire you.'" Frein resigned and left the school building. However, that same day, he called his union representative, who advised him to withdraw his resignation, which he did, within 24 hours. The school district, however, refused to accept his recission ^([sic]), insisting that Frein was no longer employed by the school district.”

   “The House narrowly approved a rescissions package from the White House that aims to cancel billions in unspent funds from the prior fiscal year, much of which would not have been spent otherwise.”