Rescinding a contract typically implies which of the following actions?

Rescinding a contract means to revoke or cancel the agreement, rendering it void and unenforceable. This usually occurs when one party seeks to annul the contract due to various reasons such as misrepresentation, duress, fraud, or mutual consent.

When a contract is rescinded, the parties are typically released from their obligations under the contract as if it never existed. This is fundamentally different from finalizing the agreement, which involves confirmation and acceptance of the terms. Updating terms refers to modifying the existing contract rather than canceling it, and selling contract rights entails transferring interest in the contract to another party, which is a separate legal action. Thus, revoking the contract is the accurate reflection of what rescinding entails.