Contracts
Under West Virginia law, rescission of a real estate contract means:
AModifying the contract terms by mutual agreement
BCanceling the contract and restoring both parties to their pre-contract positions✓ Correct
COne party assigning their rights to a third party
DExtending the contract closing date
Explanation
Rescission is the cancellation of a contract that attempts to restore both parties to their original positions as if the contract never existed. Earnest money is returned and neither party has contractual obligations to the other.
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