Following the provisions of the Contract Law of PRC, the rights and obligations of contracts shall be terminated under any of the following circumstances:

(1) The debt obligations have been performed in accordance with the terms of the contract;

(2) The contract has been rescinded;

(3) The debts have been offset against each other;

(4) The obligor has deposited the object according to law;

(5) The debt obligations have been exempted by the obligee;

(6) The creditor's rights and debt obligations are assumed by the same person; or

(7) Other circumstances for termination as stipulated by the laws or agreed upon by the parties in the contract.