Legal Question in Business Law in Ohio
Legal ''out'' of a contract
Is it true that a person has 72 hours after signing a contract to ''change their mind'', leaving the contract void?
Asked on 7/22/08, 4:16 pm
1 Answer from Attorneys
Robert Rosplock
Rosplock & Perez
Re: Legal ''out'' of a contract
This right to cancel a contract within 72 hours applies to a consumer (non-business) transaction which either:
1. Is made in your home and the Seller has no regular place of business, like a store or showroom, or
2. Places a mortgage on real property.
Other contracts are not covered. For example, if you go to a car dealer's place of business and purchase a car, you DO NOT have the right to cancel the contract for 72 hours. The contract is binding when you sign it.
Answered on 7/22/08, 4:43 pm
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