Revocation of Contracts by Exercise of a Cooling-Off Option: Appendix B - The Shariah Basis for the Standard
Stipulation of cooling-off options apply only to binding contracts because nonbinding contracts are by their nature revocable by one or both parties.
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The validity of revocation by any form of language, that indicates it, is based on the general Shariah maxim: “Contracts are interpreted according to intent and inherent meaning of the parties and not by the words or forms used” (Maxims of Al-Majallah Al-’Adliyyah and the statement of some jurists that the use of the technical word “Revocation” is designated by jurists and what is important is its meaning.
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