Legal Question in Business Law in Maryland

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.