I get asked over the years about how many days someone has to
cancel a contract. Just recently at
JeffJacobsonLaw.com I received an email concerning this.
Usually, they bought a car and the next day they realized it is
not right for them. So, when can you cancel a contract in Illinois?
First the bad news. You
cannot, I repeat can not, cancel a contract in Illinois unless there is a law
that allows you to cancel it. There are
only three laws that allow the cancellation of a contract. The purchase of a car is not one of them.
Here is a list of some of the items that
you may be able to cancel. Also, please be advised that over time, some
of these laws will change. You should always seek the advice of an
attorney prior to making a purchase.
Also, each of these items has exceptions to them.
1. When you refinance your house, you have 3 days to cancel the
contract. You must make sure you follow the law on cancelling the
contract. Also, this does not apply to a
loan you apply for to purchase the home.
It does not apply to loans for business purposes.
2. When you purchase something for more than $25 and
the sale is at the buyer's home, workplace
or dormitory, or at facilities rented by the seller on a temporary or
short-term basis, such as hotel or motel rooms, convention centers, fairgrounds
and restaurants. Under the Federal Trade
Commission rules, you have 3 days to cancel this contract.
3. The purchase of a gym contract allows you
to cancel the contract within 3 days, or if you move, die or have a
disability. You have to move more than
25 miles from one of their facilities and they cannot find a comparable
facility for you within 25 miles.
When cancelling the
contract, you must follow the rules for cancelling the contract.
As you can see, the
purchase of a car does not meet any of
the exceptions above.
For more information, including the current laws and how
they impact you, go to my web site at www.JeffJacobsonLaw.com or email me at
Info@JeffJacobsonLaw.com.
