Lexical Notes:
• bil-khiyār: the verbal noun of ikhtāra (to choose); it denotes the right to select one of the two courses—either letting the sale stand or rescinding it.
• al-bayʿān: with a doubled yāʾ; a dual form applied—by convention—to the seller and the purchaser. It was noted earlier that each of the two Arabic words may, by extension, be used for the other party.
• muḥiqat (passive voice): the extra earnings and profit are erased and vanish.
• “or one of them gives the other the choice”: that is, he says to his counterpart, “Decide whether to confirm the sale.”

Overall Meaning:
Because a sale can sometimes be concluded without due reflection, leaving the seller or the buyer regretful at having missed part of his aim, the Wise Lawgiver granted each of them a period within which he may annul the contract. That period is the duration of their session—the time they remain together in the place where the bargain was struck.

So long as the two contracting parties are still in that session, each of them has the option either to uphold the contract or to revoke it. If they part from one another physically in a manner that people customarily regard as separation, or if they stipulate at the time of sale that no option exists between them, the contract is finalized and neither may undo it except through mutual cancellation (iqālah).

The Prophet ﷺ then identified some causes of blessing and increase, and, in contrast, some causes of loss and ruin. The sources of blessing, profit, and growth are honesty in dealing and making clear any defect, deficiency, or other relevant matter in the item sold. By contrast, the causes of erasure and loss are concealing defects, lying in the transaction, and deceptive practice.

These factors truly bring blessing in this world—through amplified gains and the good reputation that results from fair dealing—and reward in the Hereafter. Conversely, bad dealing genuinely wipes out worldly earnings: people shun the dishonest trader until he loses their trust and patronage, and he suffers loss in the Hereafter for cheating others. The Prophet ﷺ said, “Whoever cheats us is not one of us.”

Points Derived from the Hadith:

1. The hadith establishes khiyār al-majlīs (the session-option) for both seller and buyer, allowing either of them to confirm or annul the sale.
2. Its duration runs from the moment the contract is concluded until the two parties separate from the session in which it was made.
3. The sale becomes binding once they part company physically after that session.
4. If, after the contract and before separating, they agree to waive the option, or if they transact from the outset on the basis that neither will have it, the contract is binding; the right belongs to them, and whatever arrangement they agree upon is valid.