The general rule is that if you have an offer and acceptance that is supported by some consideration (typically payment or a promise to pay), you have a valid and enforceable contract. Any attempt to back out will be viewed as a breach of contract.
However, in some situations, the law permits buyers a cooling off period and the right to cancel what would otherwise be a valid and enforceable contract. Ohio law permits you to back out of the following contracts within 3 business days:
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- Home solicitation sales –personal solicitations at a residence of the buyer, including solicitations in response to an invitation by the buyer;
- Prepaid entertainment contracts such as dance lessons, health spas and gym memberships, where the buyer agrees to pay for the service before receipt of the service;
- Mortgage refinancing and home equity loans; and
- Credit counseling services.
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In some cases, Ohio buyers have longer than three days to cancel: Telemarketing sales (7 days), hearing aids (30 days), business opportunity contracts (5 days).
It is important to note that the cooling off period is business days, not calendar days. So a contract for dance lessons entered into on a Saturday must be cancelled in writing by the buyer no later than midnight Wednesday, because Sunday does not count. Also, the cancellation period does not begin until you are advised by the seller in writing of your right of cancellation.
Have you entered into one of these contracts? Do you recall seeing your right of cancellation?