What is the term for a buyer's right to rescind a purchase agreement?

The term that refers to a buyer's right to rescind a purchase agreement is known as the "Right of rescission." This legal provision allows buyers to cancel or withdraw from a contract within a specified time period after the agreement has been made. The purpose of this right is to protect consumers, giving them the opportunity to reconsider their decision after more information has been presented or if they have changed their mind for any reason.

The concept of rescission is particularly relevant in real estate transactions, where buyers might face pressure or quickly changing circumstances. By providing this option, the law acknowledges that buyers should have the flexibility to ensure their decisions are well thought out.

The other options do not apply to the context of a purchase agreement. For instance, the right of appeal pertains to challenging a court's decision, the right of prior ownership does not directly relate to a buyer's ability to rescind a purchase, and the right of exclusivity typically refers to agreements that guarantee one party the right to exclusive dealings without competition. Thus, they are not terms associated with a buyer's right to withdraw from a contract.