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If one party has performed agreement to rescind must

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If one party has performed, agreement to rescind must have additional  consideration Ex. If the contract is yet to be preformed, and there is a mutual agreement  between the parties to forget entirely the contract.  The old contract is voided in  the new contract.  You cannot just rip up the contract, it must be in writing that the  contract is no more.   This needs to be in writing because sometimes there are extra copies of the  contract and one party will try to sue the other  
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Discharge by Novation:  Both parties agree to substitute a new third party for one of the original parties Ex. You purchase a car.  You have signed the contract to make payments.  You  begin to not be able to pay for the payments.  Your parents offer to take over the  payments.  If a new contract is formed, you need to say the new contract is void  and that your parents will be SUBSTITUTED to met the obligations. NEEDS TO  BE IN WRITING.  Requirement:  previous valid obligations, agreement by all parties,  extinguishment of all old obligations, and new valid contract Discharge by Accord and Satisfaction: Accord: contract to perform existing contractual duty not yet discharged Satisfaction: performance of the accord Another contract is made  What are the various ways your obligation can be discharged by operation  of law?  Material Alteration: Innocent party is discharged after material alteration Ex. A contract is altered without notice to the other party.  The court will fraud has  taken place
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