Virginia State Real Estate Exam Practice Question
The legal remedy that cancels a contract and returns parties to their original positions is
Correct Answer: A
Rationale: Rescission effectively nullifies a contract, restoring both parties to their original positions as if the contract never existed. This remedy is essential when a contract is deemed voidable due to issues like misrepresentation or fraud.
Recapture refers to regaining possession of property or assets, not cancelling contracts. Rejection typically applies to the refusal of an offer or goods and does not involve the cancellation of an existing contract. Reversion relates to property rights returning to the original owner after a lease or other interest ends, which is different from contract cancellation.
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