Solid Toolmakers,Inc.,contracts to sell its business to Titan Hardware Corporation.Before either party has performed,rescission of this contract requires
A)a mutual agreement to rescind.
B)consideration.
C)performance by all of the parties.
D)an accord and satisfaction.

Question

Quizplus · Accepted Answer

Rescission of a contract before performance can only be done through a mutual agreement between the parties involved. Consideration and performance would not be required as the contract has not been executed yet. An accord and satisfaction is a contract law concept where parties agree to settle an existing dispute, but it does not apply to this scenario as there is no existing dispute.