Does 3-day rescission law apply only to individuals or also to businesses?

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Does 3-day rescission law apply only to individuals or also to businesses?

If a contract for consulting services was signed and executed immediately but the business changed it’s mind within 24 hours of signing the contract, due to BBB research and bad vibes, can the 3 day rescission law apply?

Asked on July 3, 2009 under Business Law, Ohio

Answers:

B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

As far as I know, the 3-day rescission law only applies to consumer contracts, and then under limited circumstances.  You'll need a valid reason to break the contract, and as much as some of us might miss the 1960's, "bad vibes" won't do the trick.

A contract is a promise that's legally enforceable.  Don't make a promise you're not sure that you're ready to keep.

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

Based on my research there is no such right of rescission for a transaction of this type in Ohio.  You can consult with an attorney that is licensed in the state for confirmation of this.


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