1. each state has a statute of that outlines the requirements for forming each contract. a. frauds b. codes c. acceptances d. guidelines 2. when one party in a contract agrees to release the other party from performance and enters into a new contract with another party, this is known as a. rescission. b. novation. c. discharge. d. anticipatory repudiation 3. is the item that’s bargained for in a case of agreement. a. void b. offer c. consideration d. acceptance