Which of the following is true of discharge by agreement?
A)A partially executed contract cannot be rescinded.
B)Mutual rescission requires parties to enter into a second agreement that expressly terminates the first one.
C)A party is allowed to rescind a contract without the consent of the other party.
D)Unilateral rescission is not regarded as a breach of contract.

Question

Quizplus · Accepted Answer

Mutual rescission requires parties to enter into a second agreement that expressly terminates the first one. A partially executed contract can be rescinded by mutual agreement, but the parties will need to agree on the terms of the rescission. Unilateral rescission is not regarded as a breach of contract only if the contract allows for it or if the other party agrees to it. A party cannot unilaterally rescind a contract without the consent of the other party.

Which of the Following Is True of Discharge by Agreement