To make a law, agreement, order, or decision no longer have any (legal) power. (Cambridge Dictionary)
To take away: Remove. (Merriam – Webster)
Take back, cancel. (Merriam – Webster)
To abrogate (a contract) and restore the parties to the positions they would have occupied had there been no contract. (Merriam – Webster)
To make void by action of the enacting authority or a superior authority: Repeal. (Cambridge Dictionary)
If a government or a group of people in power rescind a law or agreement, they officially withdraw it and state that it is no longer valid. (Collins Dictionary)
Revoke, cancel, or repeal (a law, order, or agreement) (Oxford Dictionaries)
Application to rescind or amend a Canada Pension Plan.
Can an Employer Rescind a Job Offer? How to Rescind.
Why Would a College Rescind an Acceptance?