Drainage Equipment, Inc., contracts to sell its assets to Earth Aquatic Corporation. Before either party has performed, rescission of this contract requires
A) a mutual agreement to rescind.
B) an accord and satisfaction.
C) a novation.
D) specific performance.

Question

Quizplus · Accepted Answer

Rescission of a contract requires a mutual agreement between the parties involved to cancel the contract and return to their pre-contractual positions.