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What is a right of rescission?

Imagine making a purchase and then having immediate buyer's remorse. It happens all the time, and in most cases, people have the opportunity to return what they've bought.

Other times, a contract can get in the way. Fortunately, there is something called a "rescission of contract" that can help.

What is a rescission of contract?

It is the right to cancel a contract. Only certain kinds of contracts come with a rescission. For example, some contracts in Florida will have cooling-off periods. These cooling-off periods are usually when you retain the right to rescission, even if not noted specifically. They are three-day periods between the time of a purchase agreement and when a person has a right to get out of the contract or purchase agreement.

Not all contracts come with this. However, most local consumer agencies and the Florida Department of Agriculture and Consumer Services have more information for those who want to know if a certain product has a cooling-off period.

If the contract does come with a right of rescission, you'll need to give a notice of cancellation in writing. You must do so within the time provided in the contract and on the correct form as requested. A contract doesn't necessarily have to have the cooling-off period to have a right of rescission, and a right of rescission can extend longer than a three-day period based on the individual terms in your contract. Your attorney can look at the specific contract and let you know if the terms allow you to bow out of the contract if you are not comfortable with it.

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