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First, where a party to a contract exercises an express right of termination, he or she is sometimes said to have exercised a right to rescind the contract. Secondly, where a party is faced with a repudiation, the party can elect to terminate the contract; this too has often been referred to as an election to rescind. "Rescission" at common law.
A termination for convenience clause, or "T for C" clause, [1] enables a party to a contract to bring the contract to an end without the need to establish that the other party is in default, for example because the client party's needs have changed, or in order to arrange for another party to complete the contract.
(1) If an action based on anticipatory repudiation comes to 2-723 trial before the time for performance with respect to some or all of the goods, any damages based on market price (Section UCC 2-708 or Section UCC 2-713) shall be determined according to the price of such goods prevailing at the time when the aggrieved party learned of the ...
If this is the case in your state, either party may cancel the contract without penalty during this period. Otherwise, if the contract does not stipulate a cooling-off period, there isn’t one.
Day 3: Before A receives B's acceptance, B telephones A and states she wishes to reject the offer. Day 4: B's original letter of acceptance arrives, A then records the contract as a sale. B's acceptance of the offer means there is a binding contract – she is obliged to pay for the land or be liable for damages.