Contracts
In Kansas, what is the legal effect of 'rescission' of a real estate contract?
AThe contract terms are renegotiated
BThe contract is cancelled and parties are restored to their original positions, with all deposits and consideration returned✓ Correct
CThe buyer must forfeit their earnest money
DThe contract is modified with new terms
Explanation
Rescission cancels a contract as if it never existed, restoring both parties to their pre-contract positions. Earnest money and other deposits are returned.
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