This chapter focuses on various ways the parties to a contract can, by mutual consent, discharge one or both of them from their obligations under the contract. Key concepts:
Rescission: If neither party has fully performed, the parties may agree to rescind, i.e., cancel, the contract. Each party gives up his rights under the contract in consideration for freedom from completing performance.
Accord and satisfaction: An “accord” is an agreement in which one party to a contract promises to render a substitute performance, and the other party promises to accept that substitute performance in discharge of the existing duty.