Contracts (alternative)
Rescission of a Maryland real estate contract means:
AOne party modifies the terms unilaterally
BBoth parties agree to cancel the contract and return to their original positions✓ Correct
CThe seller retains the earnest money as a penalty
DThe buyer waives all contingencies
Explanation
Rescission cancels the contract and restores all parties to their original positions (earnest money returned, obligations released) as if the contract was never made.
Related Maryland Contracts (alternative) Questions
- A Maryland real estate contract that requires one party to perform a specific act (convey title, pay the purchase price) may be enforced through:
- A Maryland seller refuses to close after all contingencies have been removed and the buyer is ready to proceed. The buyer's best remedy is likely:
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- A Maryland new construction contract typically includes a specification sheet that:
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