Definition - What does Rescind mean?
To rescind is to cancel a formal legal contract. Typically, for a contract to be rescinded, both parties involved in the contract must agree to it being rescinded. The reason is because if one party tried to cancel it and the other didn't want it cancelled, it would be a breach of contract.
Justipedia explains Rescind
Parties who breach contracts are vulnerable to lawsuits from the other party in the contract. In such lawsuits, the party who breaches the contract could be forced to pay damages to the other party. However, this usually does not happen when a contract is rescinded. This is because both parties are agreeing to end to the contract together. Once the contract is formally rescinded, neither party is obligated to meet the former terms of the contract.