Which of the following can discharge a party's contractual obligation by mutual agreement?

In contract law, mutual agreement between parties can lead to the discharge of contractual obligations through various mechanisms, each of which is included in the answer.

Accord and satisfaction refers to an arrangement whereby one party agrees to accept a different performance than what was originally stipulated in the contract. The accord is the agreement to accept that different performance, while satisfaction is the actual completion of that new performance. When this occurs, the original obligation is discharged because the parties have mutually agreed to change the terms and fulfill their obligations accordingly.

Novation involves replacing one of the parties in a contract, which requires the consent of all parties involved. This means that the rights and obligations of one party are transferred to another, effectively discharging the original party from their obligations under the contract. The existing contractual relationship is effectively redefined, reflecting the mutual agreement of the involved parties to accept a new party in the contract.

Rescission is the cancellation of a contract, which can occur when both parties agree to terminate the contract and return to their pre-contractual positions. This mutual agreement allows both parties to discharge any obligations that were originally created by the contract, as they settle on nullifying their agreement.

Since all three options represent valid ways in which parties can mutually agree to discharge their