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mutual rescission

definition of mutual rescission:

the agreement by contracting parties to release each other from any further obligations under their existing contract.

mutual rescission, as it might be used:

Because it served their interests, the parties agreed to a mutual rescission of their contract.

mutual rescission, in an example:

Fergus owns a small commercial building. He has contracted with a service company to maintain the property. Their contract is to be renewed yearly with no provision for cancellation in the event the building is sold. Nevertheless, Fergus sells the building with six months remaining on the service contract. Fergus recommends the service company to the new property owner who, in turn, forms his own service contract. Consequently, Fergus and the manager for the service company agree to a mutual rescission of the original contract.
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