The Cooling-Off Rule and When You May be Able to Use it

There is a consistent flow of buying and purchasing in business, including real estate and much-needed supplies to allow a business to grow and function. However, on the rare occasion you and your business change your mind after a transaction, you may be able to elicit the “cooling-off rule.” This allows consumers a period following a purchase to cancel and return goods supplied, eligible for a refund in full. 

Not every sale is eligible for the cooling-off rule. The best way to protect your business is to be sure of your purchase and get the help of a corporate law firm in Miami to guide you through the purchasing process and inform you of your legal rights. 

In Florida, if your business contract services are to be administered in the future or on a recurring basis, you may be entitled to a three day long cooling-off period, along with the opportunity to cancel a contract for future services if you are unable to physically receive services, or if the services are unavailable as they were originally offered.

You must have cancellation rights provided in writing. Sellers must provide purchasers with written notice of the buyer cancelation rights when the sale occurs. If it is a case of future services, the consumer notice of cancellation rights must be directly positioned next to where the consumer will sign the contract. If you and your business need help to understand your legal rights regarding buyer consolation rights, consider the help of an M&A attorney in Miami

If you choose to cancel a contract, as the buyer, you must notify the seller within three business days of signing the contract. Written notice is the best way to back yourself legally. Refunds for future services are required to be issued no later than twenty days after a seller receives notice of cancellation. 

If you have questions about cooling-off periods and how they may apply to your transaction, contact attorneys at Alvarez & Diaz-Silveira LLP.