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A contract is said to be discharged by rescission: A. When terms of a contract are altered B. When a party makes novation of a contract C. When an aggrieved party exercises his option to avoid the contract D. When a party to a contract waives his rights under the contract E. Where none of the parties has performed its part for a long time and no other party has objected against it Choose the correct answer from the options given below:

A contract is said to be discharged by rescission: A. When terms of a contract are altered B. When a party makes novation of a contract C. When an aggrieved party exercises his option to avoid the contract D. When a party to a contract waives his rights under the contract E. Where none of the parties has performed its part for a long time and no other party has objected against it Choose the correct answer from the options given below: Correct Answer C and E only

The correct answer is C and E only.

Key PointsAnother method of mutually agreeable contract termination is rescinding the agreement. A contract can be rescinded to end the agreement. Which plainly implies that the original contract need not be fulfilled when the parties agree to cancel.

Important PointsContract is said to be discharged by recession in following cases:

  1. Lack of Capacity: A person who may have lacked the necessary mental or physical capacity, or who is a minor or has other capacity concerns, to enter into a contract. Absence of capacity is cause for cancellation.
  2. Fraud: In an effort to get the other party to sign a contract, one party committed fraud and produced false statements.
  3. Duress: A party was forced against their will to engage into a contract (duress, coercion, undue influence).
  4. Mistake of Fact: A factual error occurs when one party did not understand the contract's provisions and would not have signed them differently.
  5. Anticipatory Repudiation: On the grounds of anticipatory repudiation, a party may withdraw a contract if the other party is defaulting on its commitments. This indicates that the non-rescinding party no longer fulfils its own responsibilities and that the rescinding party is seen to have failed in its obligations.
  6. Lack of Consideration: The contract may be cancelled if the consideration is deemed legally insufficient or fails because it did not follow the standards for contract formation.
  7. Public Policy: Because it directly conflicts with the interests of the public, a contract that violates public policy may be dissolved.

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