While there are numerous types of contract cancellations, the five listed here are the most common:   Mutual Cancellation: Both/all parties agree to terminate the contract by mutual consent, often due to a change in circumstances or a renegotiation of terms Breach of Contract: One party cancels the contract due to the other party's failure to fulfill its obligations or because of a breach of the contract's terms Termination for Convenience: One party has and exercises the right to cancel the contract without specifying a particular reason, often outlined in the contract itself Termination by Notice: The contract includes a notice period, and either party can cancel by providing the required notice within the specified timeframe Force Majeure: A contract cancellation occurs due to unforeseen circumstances beyond the control of either party, like natural disasters, pandemics, or other extraordinary events