Legal Question in Business Law in California

Re: 3-day ruld

I hope you will get a timely response from some LawGuru attorney who knows about the three-day rule you're thinking of....I cannot find it.

There is a California law allowing rescission of contracts for goods and services solicited door-to-door or otherwise outside of a regular retail store kind of situation, but I can't stretch "goods and services" to include real property.

There is also a three-day rescission period in a Federal law that affects real estate. The so-called "Truth in Lending" law (more formally, the Federal Consumer Credit Protection Act, public law 90-321) allows a borrower to back out of certain real-estate financing arrangements within three days. I don't know if your situation would fit.

It's the weekend and I'm answering from home, without benefit of library to research or colleagues to ask. I'll keep looking but I haven't found a law that allows you to rescind a purchase agreement for real property within three days or any other time period.

Of course, any contract can be set aside for fraud and a few other reasons such as mistake, illegality, or lack of capacity of a party.