If you think cancellation is a possibility, it might be best to add a clause that addresses how either party may cancel the contract. Otherwise, it can be difficult to back out of a Loan Agreement.
If possible, the parties may negotiate a way to modify the Loan Agreement so that they both can fulfill their obligations. You can use LawDepot’s Contract Addendum to document any changes to your agreement. In this case, the original Loan Agreement remains in place; the addendum will simply add or modify terms to the existing contract.