Morgan Co. and Wilbur Bros. enter into a contract for the manufacture and sale of 400 lawn chairs. If both parties agree that a modification is necessary:
a. the surest way to modify the contract is to liquidate it.
b. they may not do so without court supervision.
c. courts will generally not enforce a cancellation and modification of a contract unless one party received inadequate consideration under the original contract.
d. an agreement to rescind the contract will terminate the contractual rights of Morgan Co. and Wilbur Bros. if neither of them had completed their obligations.
Answer: D
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