Stops something from happening, nullifies an agreement or plan, or removes something by crossing it out.
From Latin 'cancellare' (to cross out with lattice marks). 'Cancelli' referred to the latticed barrier in Roman courts; the crossed pattern became the symbol for cancellation.
The X through something literally comes from Roman court design—when something was officially nullified, they'd mark it with crossing lines like the lattice gate structure itself.
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