Which of these scenarios is an example of two parties rescinding a contract?
A sales transaction falls through when Nora, the buyer, doesn't qualify for financing.
Bobby, the buyer, makes an offer on a house that doesn't meet the appraisal contingency. He cancels the sale.
Sally, the seller, sells her property to two different buyers. Both buyers sue Sally for specific performance.
Sherman, the seller, decides not to sell his condo after all. Fortunately, his buyer, Alice, decided to join the Peace Corps. They mutually agree to cancel the sale with no penalty on either side, and each signs paperwork to this effect.