Contracts
Rescission of a contract means:
AModification of the contract terms
BCancellation of the contract, restoring parties to their original positions✓ Correct
CTransfer of contractual rights to a third party
DExtension of the contract deadline
Explanation
Rescission cancels a contract and attempts to restore all parties to their pre-contract positions. Each party returns what they received. Grounds for rescission include mutual mistake, fraud, failure of consideration, or impossibility.
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