Final answer:
Revocation of a contract is the unilateral withdrawal from an agreement by one party, often due to misrepresentation, mistake, or breach. Specifically, in the context of agency agreements, it often involves a client or broker terminating their relationship due to various reasons including breach of duty.
Step-by-step explanation:
Revocation of a contract refers to the action taken by one party to unilaterally withdraw from a contract or agreement before its fulfillment, typically because the counterparty has not yet performed, or there is some form of misrepresentation or mistake.
This can take place in various legal contexts, including business transactions, real estate, and other contractual arrangements. An example of revocation would be if a purchaser of goods revokes their acceptance of the goods upon discovering they are defective, assuming the defects substantially impair the value of the goods and were not initially apparent, according to the legal doctrines governing sales.
B more accurately describes the term revocation as it applies to the termination of an agency agreement, which is typically found in the context of a relationship between a client and a broker or agent.
A seems to imply a broader sense of contract termination for a just cause, which can relate to revocation but doesn't encapsulate the specific concept of revoking an agency agreement itself.
In the case of an agency agreement, revocation can occur for various reasons, including loss of trust, breach of duty by the agent, or the principal's decision to no longer require the agent's services.