Question

A contingent sale collapses because the buyer is unable to sell his own property. At this point, the parties should complete a:

Answer 1

rescission agreement

Step-by-step explanation:

A rescission agreement is a remedy in law that allows parties to cancel a contract.

Usually parties to a contract rescind if there is a misrepresentation, mistake, duress, or undue influence.

Mutual rescission is when there is an agreement between the two parties to cancel the contract before it's performance.

If a contingent sale fails because buyer is unable to meet his obligations bother parties can complete a rescission agreement.