Ontario Mortgage Agent Practice Exam

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In a contract of employment between a Mortgage Agent and a Mortgage Brokerage, a clause states, "This contract may be terminated by either party by providing thirty days' notice to the other party." What is this an example of?

Acceptance
Condition Subsequent
Discharge by Right
Mistake

The correct answer is: Discharge by Right

This clause is an example of a discharge by right, meaning the contract can be ended by either party in accordance with the terms outlined in the contract. This is not an example of acceptance, which is the agreement of both parties to the terms of the contract. Nor is it a condition subsequent, which is a future event that may cause the contract to end. And it is not a mistake, as both parties agreed to the terms and conditions of the contract.