Detailed Answer
(c) Rescission entails canceling a contract and placing
the parties in the position they were in before the contract was
formed. Answer (a) is incorrect as a novation is an agreement
between three parties whereby a previous agreement is discharged
by the creation of a new agreement. Answer (b) is incorrect
because release is a means of discharging (abandoning) a
contract but it does not place the parties in the same position as
before the contract. Answer (d) is incorrect because revocation
is used by an offeror to terminate an offer.