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It depends, honestly. There are several federal laws (known as "cooling-off rules") that allow you to cancel certain contracts within a few days of signing them. They apply to contracts made during door-to-door or trade show sales, contracts for home equity loans, or delayed mail order or Internet purchases. In addition, some states' laws allow you to cancel contracts for health club memberships, dating services, and weight loss programs, among other contracts. Other contracts, such as to purchase a vehicle, typically cannot be cancelled, unless the contract itself has a cancellation period written into it.
Alternatively, if you were mislead into signing the contract or there was detrimental reliance that caused you to enter into the contract, it may be possible to cancel the contract (though it could end up in court). For example, if a car dealer entered into a contract to sell you a used Chevy SUV and told you that the price was $10,000, that the car had 50,000 miles on it and had never been in an accident, and you then learn that the car was in multiple accidents, and that the odometer had been rolled back and the car had 125,000 miles on it, then there is an argument that the contract should be voided because of misrepresentation and breach by the seller.
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