Multiple choice

A contract may be discharged by mutual agreement between the parties. It is called

  1. rescission or cancellation of contract

  2. alteration of contract

  3. novation of contract

  4. repudiation of contract

  5. None of these
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A Correct answer
Explanation

Rescission means termination of a contract by mutual agreement between the parties or as a result of some legal defect or as a result of fraud, etc. Under rescission, both the parties are discharged from the obligations of a contract.

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