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Attorney & Mediator
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Can I rescind a contract that has not been performed yet and

Resolved Question:

Can I rescind a contract that has not been performed yet and on which I've paid nomoney ?
Submitted: 7 years ago.
Category: Legal
Expert:  Attorney & Mediator replied 7 years ago.
That would depend on the terms of your particular contract. As soon as you sign the contract, it is considered legally binding on both parties even if neither party has yet performed. You can only rescind if the contract permits rescission or if the other party has failed to perform on the date agreed so agreed.

In Arizona cancellation rights are only limited to the following circumstances:

After certain home solicitation sales under the Arizona Home Solicitations Act, (A.R.S. § 44-5001, et seq). buyers have three-day right to cancel only if:


* the seller personally solicits the sale; and


* the buyer agrees to purchase the goods or services at a home other than the seller's home; and


* either all or part of the price is payable in installments or, if you pay cash for the goods or services the seller provides a loan for you or helps you get a loan to pay the purchase price.



The Federal Trade Commission's Cooling-Off Rule also gives you, the buyer, a three-day right to cancel if:


* the sale is in the buyer's home, workplace or dormitory, or in a facility rented for a short time by the seller (hotels, motels, convention centers, fairgrounds, restaurants); and


* the purchase price is $25.00 or more. Exceptions: You do not have a three-day right to cancel a purchase even though the sale occurs in your home, workplace, dormitory or rented facility if:


* you already have an account with the seller, and the seller's primary business is to sell goods or services at a fixed location; or, you and the seller negotiated the purchase at a fixed location where the seller offers or exhibits goods or services.


* the goods or services you purchase are not primarily for personal, family, or household purposes; or the goods or services you purchase are needed to meet an emergency; or the purchase involves your request for repairs or maintinance; or the purchase is real estate, insurance, or securities; or the purchase is a motor vehicle sold at a temporary location if the seller has a permanent place of business; or the purchase is arts or crafts sold at fairs, or other locations.


Other transactions which give you a three-day right to cancel under Arizona law: are for services, such as credit services; and discount buying club services.




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