Legal Question in Business Law in Arizona

Re: contract dissolution

Many laymen seem to continue to have the misconception that any contract can be cancelled by the consumer within three days. This myth is perpetuated by "garage lawyers," non-lawyers who believe they know the law and stand around in your garage or under a shade tree and give advice accordingly.

Some contracts, where special laws apply, are subject to government regulation, and a three day cancellation is permitted, such as where financing is obtained for a home, perhaps an auto, door to door sales, etc.

Your contract specifically provides for a cancellation, but with forfeiture of deposit. You state no other facts, or even what kind of contract it is, so hard to tell if any cancellation statute applies to you. Some home builders now have such a clause in their contracts, to prevent speculators who are looking to flip contracts from cancelling without losing their deposit, as a payment for the trouble and time of the seller.

You can always consult with an attorney, or follow your agreement as is.

Good luck, and best wishes.