Clicking 'cancel' will delete meta tag

Yikes.

Checked the code.
If you comment out the L:151 from the metatag_context.admin.inc it will work.

function metatag_context_config_edit_form_cancel_submit($form, &$form_state) {
  //context_delete($form_state['metatag_context']['context']);
  $form_state['redirect'] = 'admin/config/search/metatags/context';
}

I do not really understand why would someone think the "Cancel" is equal with the "Delete".

Thank you for noticing that, here is the fix as a patch.

A better way of handling this - replace the Cancel button with the same Cancel link used on other forms.

Committed.

Now that v7.x-1.0-beta7 is out, I'm closing this in the interest of keeping the issue queue clean.