Multiple choice

A contract is discharged by rescission which means the

  1. change in one or more terms of the contract

  2. acceptance of lesser performance

  3. abandonment of rights by a party

  4. cancellation of the existing contract

Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Rescission means cancellation of the contract, abrogating it from the beginning and restoring parties to their pre-contract position. It is distinct from modifying terms, accepting lesser performance (accord), or abandoning rights (waiver).