Contracts
In NC real estate, 'rescission' of a contract means:
AOne party sues for damages due to breach
BThe contract is cancelled and both parties are returned to their original positions✓ Correct
CThe contract is modified to change the price
DA new buyer assumes the original contract
Explanation
Rescission is the cancellation of a contract, restoring both parties to their pre-contract positions. In real estate, this typically means earnest money is returned to the buyer and the seller retains their property.
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