Contracts
In South Carolina, 'rescission' of a real estate contract means:
AModifying the contract terms
BCancelling the contract and restoring both parties to their pre-contract position✓ Correct
CTransferring the contract to a third party
DAccepting the contract with conditions
Explanation
Rescission cancels a contract and restores the parties to their original positions as if the contract never existed. In real estate, rescission is available for fraud, misrepresentation, mutual mistake, or by mutual agreement.
Related South Carolina Contracts Questions
- A South Carolina purchase agreement includes a 'seller's right to continue marketing' clause. This allows the seller to:
- In South Carolina, what is the effect of 'merger' at closing on the purchase contract?
- In South Carolina, what is a 'community property agreement' and is it relevant in SC?
- In South Carolina, earnest money is typically held by:
- A South Carolina seller accepts an offer with a contingency that must be removed by Friday at 5 PM. If the contingency is not removed by that time, the contract:
- In South Carolina, earnest money deposited on a real estate purchase must be held in:
- What is the legal effect of an addendum to a South Carolina real estate contract?
- When is a South Carolina real estate contract considered 'ratified'?
Practice More South Carolina Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free South Carolina Quiz →