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1) To cancel or unmake a contract .
: take back, cancel.
To rescind a contract means to cancel it. Once a contract is rescinded, it in null and void - meaning it is no longer legally binding. Parties are alleviated of their obligations.
: to end (a law, contract, agreement, etc.) officially : to say officially that (something) is no longer valid. The navy rescinded its ban on women sailors. The company later rescinded its offer/decision.
While it is possible to recant a statement you made to law enforcement, it does not mean that it wont be used against you. Recanting a statement made as a defendant is different from recanting a statement made as a witness. When a defendant recants their confession, a judge can still rule it admissible.
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Rescind means to cancel or revoke. Things that are rescinded: policies, court decisions, regulations, and official statements. What all these examples have in common is that they are on the record. Also, rescind usually refers to promises instead of tangible objects.

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