By Sonia Singh and Zev Shechtman
In Mission Product Holding, Inc. v. Tempnology, LLC, resolving a circuit split, the Supreme Court determined that a licensor’s choice to reject an executory trademark license agreement under 11 U.S.C. § 365(a) functions as a breach of contract, not a rescission. The decision established an important precedent in the interpretation of executory contracts under the Bankruptcy Code.