Rescission of a Contract

The video tutorial explains the process of rescinding contracts, focusing on the differences between common law and the Uniform Commercial Code (UCC). It highlights that under common law, new consideration is not required if performance hasn't started, allowing parties to agree to rescind with the same formality as the original contract. In contrast, the UCC often requires more formality, especially if the contract falls under the statute of frauds, necessitating new consideration and written agreements.

How does the requirement for an oral agreement to rescind a contract differ based on the original contract's formality?

What happens if a contract falls under the statute of frauds?