In a Mutual Rescission, Both Parties, Acting in Good Faith

question 23

True/False

In a mutual rescission, both parties, acting in good faith, renew their commitment to perform all obligations set forth in their original agreement.

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Definitions:

Commercial Impracticability

A legal principle under the Uniform Commercial Code (UCC) that excuses a party from performing a contract when an unforeseen event makes performance extremely difficult or expensive.

Impossibility

A situation or condition in which something cannot be done or achieved, often due to external factors.

Carrier

An individual or organization in the business of transporting goods or people.

Shipment

The act of transporting goods from one location to another, typically involving a transfer of possession from the seller to a carrier.