Contracts
A North Dakota real estate purchase agreement is accepted by the seller, but the buyer has a 3-day right to cancel. This is an example of a:
ACounteroffer period
BRescission right or 'cooling-off' period specified in the contract✓ Correct
COption contract
DRight of first refusal
Explanation
Some contracts include a rescission or 'cooling-off' period during which a party may cancel the agreement. This is distinct from statutory rescission rights (like those in certain time-share contracts) and must be specified in the agreement.
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