Which of the following can terminate a contract?

Mutual agreement between the parties is a fundamental concept in contract law. When both parties agree to terminate a contract, this is known as mutual rescission. This process is typically straightforward; both parties acknowledge that they no longer wish to be bound by the contract's terms, thus releasing each other from their obligations. This can occur at any point before the contract is fully executed and is often documented in writing, although it can also be done orally, depending on the contract's stipulations and applicable laws.

In contrast, changing circumstances unrelated to the contract does not provide a lawful basis for termination since contracts are typically upheld regardless of extrinsic factors unless those factors fundamentally alter the purpose of the contract, which would not be the case here. One party's initial interest in the agreement does not empower them to terminate a contract, as that interest must manifest as a binding agreement between both parties. Finally, minor alterations agreed upon by one party do not suffice to terminate a contract, as any modifications must be mutually agreed upon to be valid. Therefore, mutual agreement stands out as the only option that validly leads to termination of the contract.