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A Mutual Rescission and Release Agreement is a very simple document whereby two parties that previously entered into a contract with each other agree to rescind, or cancel, the contract. A Mutual Rescission and Release Agreement isn't usually very complicated, as all that needs be included is the parties' rescission (i.e., that they've agreed to pull back the contract) and release (i.e., that they agree not to go after each other for any claims or actions in the future).
This document is different than a Release Agreement because that document is used only when one party needs a release of liability from another. There is no contract already in place. In other words, a Release Agreement is generally used in cases of extreme sporting activities or fitness events or other instances where there may be danger present and one party needs a release. It can also be used in cases of vehicle accidents or personal property damage. In contrast, this document, a Mutual Rescission and Release, is used when the parties have already entered a contract and need to release each other.
How to use this document
This document should be used where two parties wish to get out of their contract. It can only be used where both parties jointly agree to cancel their obligations between them.
In this document, identifying information about each of the parties, such as name and address, will be included. Then some specific questions will be asked about the original contract, such as its' name, when it was signed, and the subject matter. When this document is filled out, it is a good idea to have it printed. Then it is a best practice to attach a copy of the original contract as Exhibit A. The document should ideally then be signed by both parties and it is a good idea to have a copy kept with each.
Mutual Rescission and Release Agreements can be covered by a variety of different laws, depending on what subject matter of the contract is covered. They will generally be overseen by state-specific law, but it can vary based on the original contract.
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