Legal Question in Business Law in Maryland
contracts
How much time is generally given to withdraw from a contract before it's terms can be enforced
2 Answers from Attorneys
Re: contracts
Ordinarily there is no right to withdraw from a contract once it has been signed by all parties. There are a few exceptions that are provided by statute (refinancing a residence, for example), and of course the contract itself might provide for a right of rescission.
Unless there is an exception that applies, there may be no right to withdraw from a contract. On the other hand, there may be grounds to withdraw. In that case you should consult an attorney to see whether there is a basis for avoiding the contract.
Richard S. Stolker
301.294.9500
Re: contracts
You cannot simply withdraw from a contract after it's signed by all parties just because you changed your mind, unless the contract specifically contains such a provision allowing you to do so. There are certain kinds of contracts for which state law allows a consumer to withdraw within a certain period of time. For example, if you buy a condominium, the seller must provide you with the condo documents for review, and you have 15 days to withdraw from the contract thereafter. But if you sign a contract to buy a single family home, you don't have this right.
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