Legal Question in Business Law in California

Someone asked me to do a painting for them. I agreed to do it for a deep discount ,less than $500 due at end of project. I typed up a short contract which states:

I (client) the undersigned below, herby agree to pay artist (myself) ($). Payment will be made in a timely manner. Final payment is required a t the satisfactory completion of the job, unless following agreed upon payment schedule stated a s follows is used: ($50) per month, to be paid promptly on the first day of the month following satisfactory completion of job, for successive months therafter until balance of payment is made in full. This contract has been executed on (.....) I (customer name) am in agreement with the terms of this contract. (Customer signature, date). (My signature and date).

After completing the artwork and delivering it to them, they returned it 1 week later and asked for a revision to be made, which I did.

They then informed me they would not have the payment until several months later. I have held the painting since. A repeated attempt to get them to commit to purchase has not yielded any results. Since they are showing a lack of intent to finalize purchase, I would like to legally give them an "out", rescind the contract if necessary. I would like to be able to market the painting to other potential buyers without fear of legal recourse by them in the future claiming they have exclusive rights to it because of the contract. I also don't want to sell to them, only to have them return it later and demand $ back.

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