Which term refers to the action of repealing or canceling?

The term "rescind" specifically refers to the action of formally repealing or canceling an agreement, law, or decision. It is used in legal and formal contexts to indicate that an existing rule or contract is rendered void or invalid. This concept is important in various fields, including law and contract management, where agreements may need to be revoked due to changes in circumstances or mutual consent.

In contrast, the other options focus on different meanings. "Mollify" involves calming or pacifying someone, often in relation to feelings or emotions. "Parody" refers to an imitation of a particular style, usually for comic effect, while "sanction" can mean either to approve or to penalize, depending on the context, which is unrelated to the idea of canceling or repealing. Thus, "rescind" is the appropriate term for the action in question.