Is there a right of rescission for atelephone sales contract?

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Is there a right of rescission for atelephone sales contract?

I renewed an oil delivery contract for 1 year; it was over the phone and recorded. There was a $399 early termination fee. I had Buyer’s remorse and calledthe company back within 24 hours. Oil company says there is no right of rescission and will charge the termination fee. The contract would not start for another month. The price turns out to be $0.70 per gal. higher than their own affiliated company.

Asked on July 2, 2011 under General Practice, New Jersey

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

States differ in their laws regarding the right of rescission.  Most every state has a 3 day right of rescission on mortgages.  New Jersey it appears alsohas a 3 day right of rescission on home improvement contracts.  But I can not seem to locate anything definitive in the statutes dealing with consumer transactions such as this one. Perhaps you could contact your state attorney general's office consumer fraud division and speak with them on the matter.  They might be able to direct you properly.  And if that does not work contact an attorney in the area.  I would, as a precaution, serve the cancellation on them by fax or certified mail just to be sure.  Good luck to you.


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