to perform. Section Four of the contract provides that Lowe’s is not obligated to lease the premises if Lowe’s determines that the site is not suitable for its intended purposes. Under Michigan law, mutuality of obligation is an essential element of a valid contract. Thomas v. Leja, 187 Mich.App. 418, 468 N.W.2d 58, 60 (1991). Mutuality of obligation means that both parties to an agreement must be bound by the contract, or neither is bound. Domas v. Rossi, 52 Mich.App. 311, 217 N.W.2d 75, 77 (1974). However, cancellation or termination clauses do not void a contract for lack of mutuality of obligation, so long as both parties are relieved of their respective obligations in the event the contract is cancelled or terminated. Jaye v. Tobin, 42 Mich.App. 756, 202 N.W.2d 712, 714-15 (1972) (<HOLDING>). The language cited by LL in Section Four of
holding mutuality of obligation is essential to the formation of a bilateral contract holding that a contract need not have mutuality of obligation as long as it is supported by consideration holding that the consent of both parties is required to annul their contract holding a cancellation clause that releases both parties from their obligations does not render contract void for lack of mutuality of obligation holding that a contract without a minimum quantity term is unenforceable for lack of consideration and mutuality