to cancel or revoke (take back) something, especially an offer, statement, or agreement;
e.g. I want to rescind everything bad I ever said about him.
(verb)
to formally remove or abolish some contract or offer and to then restore the people involved to the states they would have been in in the absence of a contract;
e.g. They threatened to rescind her promotion if she did not improve her performance.
(verb)
to repeal (end) some action or render it void by enacting some superior authority;
e.g. They voted to rescind the amendment due to the conflict it had caused.