Bailey Co.and Spryt Bros.enter into a contract for the manufacture and sale of 400 lawn chairs.If both parties agree that a modification is necessary,
A)the surest way to modify the contract is to liquidate it.
B)they may not do so without court supervision.
C)an agreement to rescind the contract will terminate the contractual rights of Bailey Co.and Spryt Bros.if neither of them had completed their obligations.
D)courts will generally not enforce a cancellation and modification of a contract unless one party received inadequate consideration under the original contract.

Question

Quizplus · Accepted Answer

An agreement to rescind a contract will terminate the contractual rights of both parties if neither has completed their obligations. This allows both parties to mutually agree to end the original contract and potentially enter into a new agreement that better suits their needs or circumstances.

Bailey CoAnd Spryt Bros