Can we cancel a contract even after the 3 business day cancellation period without any legal obligation?

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Can we cancel a contract even after the 3 business day cancellation period without any legal obligation?

We signed a contract with a home renovation company but after reviewing the documents sent by the bank, it’s not in our best interest to take on this home project. We’ve only signed a contract with the renovation company.

Asked on October 14, 2012 under Business Law, Kentucky

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

No, once you have passed any rescission (cancellation) period, you could only terminate a contract without penalty if: 1) the other party committed (and you can prove) fraud; 2) you and the other party BOTH were mistaken about the subject matter of the contract--e.g. what had been agreed to; 3) it becomes legally impossible (e.g due to a zoning change) or physically impossible (e.g. your house is struck by lightnting and burns down due to no fault of yours) to fulfill  the contract. However, your "best interest" does not, unfortunately, provide legal grounds to get out of a contract.


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