What is the legal term for canceling, annulling, or avoiding a contract?

The correct term for canceling, annulling, or avoiding a contract is "rescission." Rescission is a legal remedy that allows a party to a contract to declare that the contract is null and void, essentially treating it as if it never existed. This can occur for various reasons, such as misrepresentation, fraud, undue influence, or a mutual mistake of fact.

In practice, rescission allows parties to return to their positions before the contract was formed, restoring any benefits exchanged. This is an important concept in contract law, ensuring that parties can seek remedies when the conditions of a fair agreement have not been met.

Other options do not apply here: replevin refers specifically to a legal action to recover personal property wrongfully taken; revocation generally means to withdraw or cancel something, but in the context of contracts, it does not convey the same legal process as rescission; and restriction relates to limitations or conditions imposed on actions or land use, which does not pertain to canceling contracts.