Contracts
Rescission of a contract means:
AModification of the contract terms
BCancellation of the contract and restoration of both parties to their pre-contract positions✓ Correct
CEnforcement of the contract through court action
DTransfer of the contract to a third party
Explanation
Rescission is the cancellation of a contract, treating it as though it never existed, and restoring both parties to their original positions. It may occur by mutual agreement or be ordered by a court.
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