Right to cancel contract
A homeowner who signs a certain type of contract has the right to cancel it up until midnight of the third business day after signing. Weekends and holidays do not count toward those three days. If the cancellation notice is mailed, it counts as sent the moment it goes in the mailbox. The cancellation notice does not have to use any special words or form — it just has to make clear that the person does not want to be bound by the contract.
407.937. Right to cancel contract — , effective when — form of . — 1. In addition to any other right under law to a contract, an owner has the right to cancel a contract until midnight of the third after the day on which the owner signs a contract which complies with section 407.938.
2. The term "third business day" shall exclude all intervening Saturdays, Sundays and and state holidays.
3. Notice of cancellation, if given by mail, is effective when deposited in the mail properly addressed with .
4. Notice of cancellation given by the owner need not take the particular form as provided with the contract and, however expressed, is effective if it indicates the intention of the owner not to be bound by the contract.
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Source & history notes
(L. 1992 S.B. 705 § 3)
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