Right of RescissionThe right to rescind is based on state laws that provide consumers the right to rescind or cancel certain purchases within a few days, usually 3, after purchase. This rule was put into effect so if someone was high pressured into agreeing to a purchase they could get out of it.
This rule is somewhat ambiguous and determined by circumstances if brought up in court. If, for example, you purchase something clearly marked “final sale” in an environment where no one high-pressured you, then you are apt to lose an attempt to void the purchase.
If, on the other hand, you agree to purchase a car from a dealer, you can generally get that purchase voided in this manner. This document is most useful in transactions between the consumer and a business; when sales are made between individuals, they tend to stand up. |
