Fillable Form Mutual Rescission of Contract

What is a Mutual Rescission of Contract?

A Mutual Rescission of Contract or also referred to as an Agreement of Mutual Rescission is a legal document used to effectively rescind an existing agreement between certain parties. This form is also used to discharge all of the parties involved in a certain contract from their previous rights and obligations. This can be done by both parties if they create a new agreement after the execution of the original contract. This must be done prior to its performance.

To rescind a contract completely, both of the parties involved must cancel the whole contract. Neither of the parties can rescind just one term, condition, or section of the contract they have previously established with each other. The right to rescind is limited only to the parties involved in the contract or those legally authorized to act for them, such as their lawyers or representatives. When it comes to other contracts, all of the parties who would like to rescind their previous agreement must be mentally competent. A contract rescission may be used when there has been a breach of contract. This means that one of the parties involved did not fulfill his or her obligations or did not follow the terms and conditions of the contract.

If both of the parties involved would like to change only a certain part of their previous contract, they must both go through a contract reformation. A contract reformation is different from making use of a Mutual Rescission of Contract. While a Mutual Rescission of Contract is used to completely rescind the previously agreed upon conditions by both of the parties involved, a contract reformation is done so that both of the parties will be able to rewrite or change certain parts of their contract just in case a mistake was made or a misunderstanding occurred between them.

A complete Mutual Rescission of Contract Form must include the following information:

• Current date when the Mutual Rescission of Contract has been made and entered into
  • Day
  • Month
  • Year
• Full legal names of both of the parties involved in the Mutual Rescission of Contract Form
• Full names of the companies of both of the parties involved in the Mutual Rescission of Contract Form
• Details about the recitals
  • Current effective date
  • Purpose of the agreement
  • Both parties must agree to rescind the previous agreement as of the date entered above. Moreover, neither of the parties will have any further rights or duties under the said agreement in this Mutual Rescission of Contract Form.
  • This Mutual Rescission of Contract Form shall be enforced under the laws of the state both parties are currently residing in.
    • State
  • This Mutual Rescission of Contract Form must contain all of the details about the agreement between both parties regarding the subject matter. Furthermore, any oral or written representations, inducements, or agreements between the parties that are not contained in this Mutual Rescission of Contract Form will still be in force and in full effect.
• Full legal names of both of the parties involved in the Mutual Rescission of Contract Form
• Signatures of both of the parties involved in the Mutual Rescission of Contract Form

How to fill out a Mutual Rescission of Contract?

Individuals can write their own Mutual Rescission of Contract Template or download a PDF copy from a website that offers document templates. For convenience, they can also fill out the Mutual Rescission of Contract Template electronically on PDFRun.

To fill out a Mutual Rescission of Contract Template, you must provide the following information:

Date

Enter the date when this Mutual Rescission of Contract has been made and entered into by both parties.

Day

Enter the day when this Mutual Rescission of Contract has been made and entered into by both parties.

Month

Enter the month when this Mutual Rescission of Contract has been made and entered into by both parties.

Year

Enter the year when this Mutual Rescission of Contract has been made and entered into by both parties.

Name of Party

Enter your full legal name.

Company of Party

Enter the full name of your company or corporation.

Name of Other Party

Enter the full legal name of the other party involved in this Mutual Rescission of Contract.

Name of Company

Enter the full name of the company of the other party involved in this Mutual Rescission of Contract.

Recitals

Enter the recitals about the terms and conditions both of the parties have agreed upon in this Mutual Rescission of Contract.

Date

Enter the date when this Mutual Rescission of Contract has been made and entered into by both parties.

Purpose of Agreement

Enter the purpose of the parties for making and entering into this Mutual Rescission of Contract. This Mutual Rescission of Contract must state that you and the other party now desire to rescind the previous agreements, terms, and conditions you both have made. Furthermore, in consideration of your and the other party’s mutual covenants, you must both agree to do the following statements:

1. Both of the parties must agree to rescind the previous agreement as of the date entered above. Moreover, neither of the parties will have any further rights or duties under the said agreement in this Mutual Rescission of Contract.

2. This Mutual Rescission of Contract shall be enforced under the laws of the state both you and the other party are currently residing in.

a. State - Enter the state where you and the other party are currently residing in.

3. This Mutual Rescission of Contract must contain all of the details about the agreement between you and the other party regarding the subject matter. Furthermore, any oral or written representations, inducements, or agreements between you and the other party that are not contained in this Mutual Rescission of Contract will still be in force and full effect.

Signature

By affixing your respective signatures, both you and the other party have completed the execution of this Mutual Rescission of Contract as of the day and year entered above.

Name

Enter your full legal name.

Signature

Affix your signature.

Name

Enter the full legal name of the other party.

Signature

Have the other party affix his or her signature.