Contracts
In South Carolina, what is 'rescission' of a real estate contract?
ARenegotiating the purchase price
BCanceling the contract and restoring both parties to their original positions✓ Correct
CTransferring contract rights to a third party
DExtending the closing date
Explanation
Rescission is the cancellation of a contract, restoring both parties to the position they were in before the contract. It requires returning consideration (including earnest money) and may be mutual or granted by a court.
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