What is the time frame that one can back out of a contract legally?

Answer 1

It depends on the type of contract, and WHERE the contract was signed.

What you are asking about is commonly referred to as a "rescission". Most people think that a "right of rescission" applies to ALL contracts, but it is most commonly (and by law, in most states) a part of any contract involving in home sales, such a vacuum cleaners, replacement windows, etc.

The idea behind it is that if someone is trying to sell you something while visiting your home, you might feel intimidated and just sign a contract to get him out of your home. The rescission clause prevents you from being subjected to undue pressure.

But...if you signed that same exact contract in the salesman's office, rather than in your own home, there is NO "right of rescission" for you.

Other types contracts may carry their own "deal's off" language, and it's too involved to go into here. Just don't automatically assume that any contract you sign can be broken by you within 3 days, it's just not true.

Hope this helped, and Happy New Year !

Answer 2

That will depend on the type of contract, and the state laws where you live.

Some contracts (like real estate) have a fixed time. Others can be change through the contract itself.

So without more info it's hard to give you a decent answer to your question.

Answer 3

Usually 72 hours once the contract is signed, depending on the type of contract. I don't think that rule applies to buying a house, but it would apply to a carpet cleaning contract or financing through a dealership for a new car.

Answer 4

usually contracts have a 3 day cancellation period from the date you sign the contract.

Answer 5

Depends.

Answer 6

72 Hours,No recourse

Answer 7

the moment one of the parties does not comply.

Answer 8

you should have a grace period anything after that you may be penalized