The Easiest Way to Officially Cancel a Contract
Motives to officially cancel a contract vary, yet there are several ways to terminate an agreement. Once you have signed a contract, terminating the contract may be difficult, but it is not impossible.
Cancel a Contract if you Were threatened or forced to sign it
If you were threatened or forced to sign the contract or if you were under the influence of drugs or alcohol, you may claim that you entered the contract under duress. Contracts entered into under duress are not enforceable. For example, if someone blackmailed you into signing the contract and you can prove that you were coerced, you can claim duress. You should start by speaking with the other party in the contract and propose a Mutual Rescission and Release Agreement.
Did the other party fail to perform or fulfill an obligation stated in the contract?
If the other party fails to perform or fulfill an obligation stated in the contract, you may claim a breach of contract. Although every contract is different, standard practice is to send a Notice of Breach to the breaching party and propose a reasonable remedy. The remedy should be fulfilled within 30 days of receipt of the notice. For example, if the other party was supposed to cut your grass by a specific date, and the date has passed, then you can cancel a contract for future services.
Does the original purpose of the contract no longer exist or is it physically impossible to fulfill an obligation?
If the original contractual purpose no longer exists or if an obligation is physically impossible to perform, then the contract may be terminated. For example, if you were supposed to deliver a car to the other party, but the car was stolen, you should propose a Mutual Rescission and Release Agreement.
A Mutual Rescission and Release Agreement is the easiest way to officially cancel a contract. It involves both parties agreeing to terminate the contract, thus avoiding costly legal or arbitration disputes. You can get started by filling out this free template and sending it to the other party to sign.