Which term describes the ending of a contract where all involved parties agree?

• A. Unilateral termination
• B. Discharge by performance
• C. Discharged by mutual assent
• D. Rescission of contract

Answer: (C)

The term that describes the ending of a contract where all involved parties agree is "discharged by mutual assent." This phrase encapsulates the idea that all parties have mutually agreed to terminate the contract, indicating a consensus that leads to the conclusion of their obligations under that contract. Mutual assent emphasizes the voluntary and collaborative nature of the termination, where no party is forced or unilaterally decides to end the agreement.

This contrasts with unilateral termination, where one party has the right to terminate the contract on their own, potentially without the consent of the other parties involved. Rescission of contract refers to a situation where the contract is declared void and treated as if it never existed, which can occur due to various reasons but does not necessarily involve mutual agreement. Discharge by performance pertains to the completion of all contractual obligations rather than an agreement to terminate the contract. Overall, "discharged by mutual assent" accurately conveys the essence of a jointly agreed conclusion to a contract.