Which of the following occurs when parties agree that they simply wish to discharge each other from their mutual obligations and therefore rescind or cancel the contract?
A) Accord and satisfaction
B) Novation
C) Substituted contract
D) Mutual rescission
E) Alteration

Question

Quizplus · Accepted Answer

Mutual rescission occurs when both parties to a contract agree to cancel their agreement, thereby releasing each other from the obligations initially set forth in the contract. This mutual decision effectively ends the contract.

Which of the Following Occurs When Parties Agree That They