If the Parties to a Contract Agree to Undo the Agreement

question 47

Multiple Choice

If the parties to a contract agree to undo the agreement and return any consideration involved, the contract is discharged by:

• A) mutual cancellation
• B) mutual rescission.
• C) novation
• D) accord and satisfaction

Evaluate the role of cooperation, cheating, and first-mover advantage in repeated games.

Distinguish between extensive form and strategic form representations of games.

Understand the application and limitations of backward induction and subgame perfection.

Assess the effects of potential entry and exit strategies in competitive markets.