Virginia State Real Estate Exam Practice Question
The legal remedy for undoing a contract and restoring the parties is called:
Correct Answer: A
Rationale: Rescission is the legal remedy that effectively cancels a contract, restoring the parties to their original positions as if the contract never existed. This option is appropriate when there has been a misrepresentation, fraud, or mutual mistake.
Recapture refers to reclaiming something, typically in a different context, and does not apply to contract law. Rejection involves refusing to accept an offer but does not undo an existing contract. Reversion pertains to property rights, specifically the return of property to the original owner, and is not relevant to the cancellation of contracts.
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