Is there a timeframe in which to cancel a withdrawal from an agreement?

I have an agreement with a company. We needed funds and I was unable to find a way to get those funds, so I had to ask to be removed. Upon deeper thought, I found a way to get the money; this was within 24 hours of my written withdrawal. Now I am being asked to dissolve more than half my ownership to get my place back. When a written withdrawal is placed, is there a timeframe to cancel that withdrawal or does it depend on the language of the agreement?

Thomas G

Asked on December 6, 2018 under Business Law, Maryland

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 1 year ago | Contributor

No, there is no recession or cancellation period for an agreement of this type (or, for that matter, for the vast majority of contracts): once you sign the agreement, you are bound or obligated to it unless the agreement, by its plain terms, gives you the right to rescind it. Without a recission or cancellation provision in the agreement, you are obligated to withdraw UNLESS the other party(ies) to the agreement (the company or your other partners--whomever the agreement is with) voluntarily chooses to let you cancel the agreement, since any contract may be cancelled with the agreement of all parties to it.


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