Drain Equipment Inc. contracts to sell its assets to Excavation Corporation. Before either party has performed, rescission of this contract requires

Question

Quizplus · Accepted Answer

Rescission of a contract requires a mutual agreement to rescind it. An accord and satisfaction is a method of settling a preexisting debt, not rescinding a contract. Novation involves replacing one party to a contract with a new party. Specific performance is a court-ordered remedy to compel a party to perform as promised in a contract.