Contracts
In Oklahoma, mutual rescission of a purchase contract means:
AOne party is in breach and the other party seeks damages
BBoth parties agree to cancel the contract and return to their pre-contract positions✓ Correct
CThe court orders the contract to be voided
DThe lender cancels the loan application
Explanation
Mutual rescission occurs when both buyer and seller agree to cancel the purchase contract, return earnest money to the buyer, and restore each party to their original position as if the contract was never made.
Related Oklahoma Contracts Questions
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