Cancellation or rescission of agreement

WHAT IS THE DIFFERENCE BETWEEN CANCELLATION OF AN AGREEMENT AND RESCISSION OF AN AGREEMENT.

CAN ANY LAWFUL AGREEMENT BE RESCINDED WITH MUTUAL ASSENT, WITHOUT WRITING, BY RETURNING ALL THE FAVORS RECEIVED UNDER THE AGREEMENT?

CAN NEW AGREEMENT WITH NEW TERMS BE ENTERED INTO THE SAME PARTIES?

WHAT IS THE CORRECT WORD TO BE USED WHEN BOTH THE PARTIES RETURN THE FAVOR RECEIVED UNDER THE AGREEMENT AND MUTUALLY AGREE NOT TO CLAIM ANY RIGHT OR OBLIGATION-cancellation or rescinding