Contracts
A contract is 'rescinded' when:
AThe parties agree to modify its terms
BThe contract is cancelled and the parties are restored to their original positions as if the contract never existed✓ Correct
COne party refuses to perform
DA court orders specific performance
Explanation
Rescission is the cancellation of a contract, with both parties returned to their original positions. A mutual rescission requires agreement; rescission may also be available as a remedy for fraud, misrepresentation, or material breach.
Related Massachusetts Contracts Questions
- In a Massachusetts condominium transaction, the buyer is entitled to review the minutes of the past 12 months of condominium trust meetings. This review is important because it reveals:
- A Massachusetts seller and buyer enter a P&S with a closing date of June 15. The seller fails to close by that date. What remedy is available to the buyer?
- An 'as-is' clause in a Massachusetts purchase and sale agreement means:
- In Massachusetts, the Purchase and Sale Agreement (P&S) typically contains all of the following EXCEPT:
- A buyer submits an offer on a property. Before the seller signs the acceptance, the buyer withdraws the offer. The result is:
- A buyer makes an offer with an inspection contingency. The inspection reveals a cracked foundation. The buyer wants to withdraw. Under the contingency:
- A Massachusetts commercial lease providing rent based on a percentage of the tenant's gross sales is called a:
- A Massachusetts listing agreement that automatically renews unless cancelled is called a(n):
Practice More Massachusetts Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Massachusetts Quiz →