Rescission refers to the act of canceling or undoing a legal contract, such as a real estate transaction, within a specified timeframe. The purpose of the rescission period is to allow the parties involved to review the terms of the contract, ensure they are fully understood and agreed upon, and make any necessary corrections or modifications. During the rescission period, the parties have the right to withdraw from the contract without any penalty or obligation. The length of the rescission period may depend on various factors such as state laws, the type of contract, and the terms agreed upon by the parties involved.
Rescission
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