Finally, according to the Modern English theory and many American decisions, it is held that an executory oral agreement of rescission is sufficient, provided there is consideration, to terminate a written agreement within the statute of frauds. Morris v. Baron et al. (1918) A.C. 1 (Eng.), 9 BRC 399; Ann.Cases 1918C 1197-HL; Epstein v. Waas, 28 N.M. 608, 216 P. 506 (1923); 49 Am.Jur., Statute of Frauds, §§ 210 and 310; Baker v. Pratt, 15 Ill. 568 (1854); Alameda County Title Ins. Co. v. Panella, 218 Cal. 510, 24 P.2d 163 (1933); Glad-Nan Corp. v. Henry’s Drive-In, Inc., 29 Ill.App.2d 363, 173 N.E. 2d 521 (1961); accord where oral modification executed, Young Foundation Corp. v. Ottaviano, Inc., 29 Misc.2d 302, 216 N. Y.S.2d 448, aff’d 15 A.D.2d 517, 222 N.Y. S.2d 685 (1961) ; MacIsaac and Menke Co. v. Cardox Corp., 193 C.A.2d 661, 14 Cal. Rptr. 523 (1961). Here, the purpose of the oral agreement was not to add to or change the nature of the parties’ obligations under the old lease, but rather to bring it to an end so as to release the parties and abrogate the old lease entirely. Therefore, since the lease agreement was executory and the unexpired term was less than that required by the statute of frauds to be in writing, we hold that the lease was terminated by the subsequent executory oral agreement. Accordingly, judgment affirmed. SMITH, P. J., and CLEMENS, J., concur.