After a transaction has ripened into a contract, does it require the consent of both parties to revoke or modify it?

Related MCQs

• Each party to a contract is bound to perform his part of the obligation. After the parties have made due performance of the contract comes to an end. In such a case the contract is said to be discharged :
• When parties enter into a contract on telephone the contract becomes complete at the place where acceptance is heard by the proposer. This has been provided
• For binding contract both the parties to the contract must
• When the consent of a party to a contract has been obtained by undue influence, fraud or misrepresentation, the contract is
• When the consent of a party to the contract has been obtained by fraud, in such a case the contract is:
• While obtaining the consent of the promisee, keeping silence by the promisor when he has a duty to speak about the material facts, amounts to consent obtained by:
• If both the parties to a contract believe in the existence of a subject, which infact does not exist, the agreement would be
• Death or insanity of the proposer will revoke the proposal
• When a person, who is in dominating position, obtains the consent of the other by exercising his influence on the other, the consent is said to be obtained by:
• When the performance of a contract becomes impossible, the purpose which the parties had in mind is frustrated. If the purpose becomes impossible because of supervening event, the promisor is excused from the performance of the contract. This is known as :