When two persons enter into a transaction, each of them has the right to annul it so long as they are not separated and are together (at the place of transaction) ; or if one gives the other the right (to annul the transaction) But if one gives the other the option, the transaction is made on this condition (i. e. one has the right to annul the transaction), it becomes binding. And if they are separated after they have made the bargain and none of them annulled it, even then the transaction is binding.
The Book of Transactions - Sahih Muslim 1531c
This narration from Sahih Muslim establishes the fundamental principle of khiyar al-majlis (option of session) in Islamic commercial law, which grants both parties the right to rescind a transaction while they remain together at the place of bargaining.
Scholarly Commentary
The hadith delineates three distinct scenarios in commercial transactions. First, during the bargaining session (majlis al-bay'), both parties retain the right to withdraw from the agreement until they physically separate. This period constitutes khiyar al-majlis.
Second, if one party grants the other an option period (khiyar) as a condition of the contract, the transaction remains contingent until the expiration of that specified period. Classical scholars differ on the maximum duration of such options, with many permitting up to three days.
Third, once parties separate from the bargaining session without exercising their right of rescission, the contract becomes binding and enforceable according to its stipulated terms. This finality ensures commercial certainty in Muslim markets.
Legal Implications
This Prophetic teaching safeguards against hasty decisions and potential exploitation in commercial dealings. The option period allows for reflection and prevents regretful transactions.
The ruling applies to all valid contracts of sale unless specified otherwise. Modern applications include cooling-off periods in contemporary consumer protection laws, demonstrating the timeless wisdom of Islamic commercial principles.