Contracts
In New York, a 'rescission' of a real estate contract means:
AThe contract is modified to change the purchase price
BThe contract is cancelled and both parties are restored to their original positions, with the buyer receiving their deposit back✓ Correct
COne party is allowed to exit the contract without restoring the other party
DThe contract is assigned to a third party
Explanation
Rescission is the cancellation of a contract, restoring both parties to their pre-contract positions. In New York real estate, rescission may occur by mutual agreement, by operation of a contingency (e.
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