The relation of principal and agent being founded on a mere contract, there is nothing sacred in this particular kind of contract that would prevent the parties from bringing the contract to an end, by making a new agreement. They may, therefore, rescind the contract as a whole, or modify it as to certain terms. An agreement to dissolve a contract, to be valid, must have a consideration to support it.

It has been held by the Georgia Court that where a written contract creates an agency to continue for one year, at a fixed compensation, and where the agency had been continued for successive years, there was a tacit renewal, from year to year, and the agency could not be revoked so as to deprive the agent of monthly compensation for an unexpired portion of a year.6