4. Negotiate cancellation. If your contract does not have a rescission clause and cannot be cancelled by state or federal law, you can try to arrange a cancellation with the other person who signed the contract. You and the other person or people who are part of the contract may agree at any time to cancel it.his gives you the steps you need to take if you want to terminate the contract. A common termination clause says that the person who wants out of the contract must notify the others involved of his intent to do so.