Legal Question in Consumer Law in Utah
Purchase by phone gold/silver
I bought some gold/silver coins by phone and want to cancel the purchase because I was sold the coins at an inflated price (first time buyer). I have not recieved the coins yet and want to refuse delivery to cancel the order. Is it true that the agreement is non-binding until I take posession of the coins? I bought $10,000 worth and the dealer is saying I can't back out. I purchased from out of state. I live in Utah.
1 Answer from Attorneys
Re: Purchase by phone gold/silver
If they called you, you have a 3 day right of recission. You can demand rescission by telephone followed up with an immediate letter or fax. If you called them, then you will need to talk to an attorney to see whether the sale can be rescinded. Unless provided in your purchase agreement, you may not have the right.
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