Contracts
Rescission of a real estate contract in North Carolina means:
AA modification of the price term
BThe cancellation of the contract, returning both parties to their pre-contract status✓ Correct
CA one-sided termination by the buyer
DThe extension of the closing date
Explanation
Rescission cancels the contract and restores both parties to the position they were in before the contract was formed, with mutual return of any consideration exchanged.
Related North Carolina Contracts Questions
- In North Carolina, the 'due diligence fee' paid at the time of an offer is:
- A contract made by a minor (under 18) for the purchase of real estate in NC is generally:
- Which type of listing agreement gives the broker the right to a commission if the property sells, even if the seller finds the buyer themselves?
- Under NC law, a broker's listing agreement that has not yet expired but the seller instructs the broker to stop all marketing activity must result in:
- In NC, the 'due diligence fee' in the Offer to Purchase is best characterized as:
- A NC buyer makes an offer on a Friday. The seller has until Sunday at 5 PM to accept. If the seller's broker calls the buyer's broker on Sunday at 4 PM to verbally accept, is there a binding contract?
- A NC contract for the sale of commercial real estate that is not in writing but is partially performed (e.g., buyer has taken possession and made improvements) may be:
- In NC, an option contract gives the optionee (buyer):
Practice More North Carolina Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free North Carolina Quiz →