What term is used for the legal action to end or undo a contract?

Rescission is the term used to legally end or undo a contract. This legal action essentially nullifies the contract, restoring both parties to their original positions as if the contract had never been made. Rescission can occur for several reasons, including misrepresentation, fraud, mistake, or simply mutual agreement between the parties.

Termination generally refers to the ending of a contract but does not imply that the contract is voided in the same manner as rescission does. It simply means that the obligations under the contract are no longer in effect, but the contract itself may still exist and have legal consequences.

Emancipation is not related to contractual agreements; rather, it pertains to the legal process where a minor gains independence from their parents or guardians. This concept does not apply to contracts and legal actions surrounding them.

Forfeiture usually pertains to the loss of a right or property as a result of a breach of contract or failure to meet certain conditions, which is again a different concept from rescission and does not involve the nullification of a contract itself.