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2. Extinguishment - Wikipedia

   en.wikipedia.org/wiki/Extinguishment

   Extinguishment occurs in a variety of contracts, such as land contracts (common, copyhold), debts, rents, and right of ways. [1] A right may be extinguished by nullifying that right or, in the case of a debt, discharged by payment in full or through settlement. [2] An extinguishment may be by matter of fact and by matter of law. [1]

3. Rescission (contract law) - Wikipedia

   en.wikipedia.org/wiki/Rescission_(contract_law)

   In finance, law, and insurance, rescission is the termination of a contract from the beginning (as if it never existed), rendering it void ab initio. In 2009, one judge ruled that borrowers who refinanced into an adjustable-rate mortgage could force a bank to rescind mortgage loans if it acted similarly inappropriately. [ 9 ]

4. What is a 1099-C Cancellation of Debt form? - AOL

   www.aol.com/finance/1099-c-cancellation-debt...

   Key takeaways. You will receive a 1099-C Cancellation of Debt form if a lender forgives more than $600 of taxable debt. You must include the amount of canceled debt on your federal tax return as a ...

5. Accord and satisfaction - Wikipedia

   en.wikipedia.org/wiki/Accord_and_satisfaction

   The accord agreement must be transacted on a new agreement. It must therefore have the essential terms of a contract, (parties, subject matter, time for performance, and consideration). If there is a breach of the accord there will be no "satisfaction" which will give rise to a breach of accord.

6. Cancellation-of-debt income - Wikipedia

   en.wikipedia.org/wiki/Cancellation-of-debt_income

   This is commonly known as cancellation-of-debt (COD) income. According to the Internal Revenue Code , the discharge of indebtedness must be included in a taxpayer's gross income . [ 1 ] There are exceptions to this rule, however, so a careful examination of one's COD income is important to determine any potential tax consequences.

7. Real estate contract - Wikipedia

   en.wikipedia.org/wiki/Real_estate_contract

   Contingencies that cancel the contract if certain event occur are known as "resolutive conditions". Most contracts of sale contain contingencies of some kind or another, because few people can afford to enter into a real estate purchase without them. But it is possible for a real estate contract not to have any contingencies.