Contracts
In Texas real estate, a contract can be 'rescinded' (undone) by mutual agreement, which means:
AOnly the buyer can rescind by invoking the option clause
BBoth parties agree to cancel the contract and restore each other to their pre-contract position, typically with return of earnest money✓ Correct
COne party can unilaterally cancel the contract
DTREC must approve the rescission
Explanation
Rescission by mutual agreement cancels a contract and attempts to restore the parties to their pre-contract positions (restitution). Both parties must agree to the rescission. In real estate, this typically involves the buyer receiving their earnest money back and all parties releasing each other from further obligations under the contract.
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