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Do I Have Three Days to Cancel a Contract to Attend a Seminar?

Do I Have Three Days to Cancel a Contract to Attend a Seminar?

Full question:

I have signed a contract with a company called CEO SPACE for a10 day seminar . Payment was made by credit cards yesterday. I was told that I have 72 hours in which to cancel. Is that true and does the 72 hours include weekend hours?

Category: Contracts
Subcategory: Recission
Date: 04/07/2025
State: New York

Answer:

Under the Federal Trade Commission's Cooling Off Rule, a consumer has until midnight of the third business day after a contract was signed to cancel either of the following:

* door-to-door sales contracts for more than $25, or
* a contract for more than $25 made anywhere other than the seller's normal place of business-for instance, at a sales presentation at a hotel or restaurant, outdoor exhibit, computer show or trade show (other than public car auctions and craft fairs).

Please see the information at the following link:

http://www.ftc.gov/bcp/edu/pubs/consumer/products/pro03.shtm

This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.

FAQs

What is the 72 hour contract law?

The 72-hour contract law refers to the Federal Trade Commission's Cooling Off Rule, which allows consumers to cancel certain contracts within three business days of signing. This rule applies to contracts over $25 made outside the seller's usual place of business, such as at a seminar or sales presentation. It's important to note that weekends are not counted as business days in this context.

How does a 72 hour contingency work?

A 72-hour contingency allows a buyer or consumer to cancel a contract within 72 hours of signing it. This is typically applicable to certain types of contracts, particularly those made outside of a seller's regular business environment. If the cancellation is made within this timeframe, the consumer is usually entitled to a full refund.

What is the 3 day rule for contracts?

The 3-day rule for contracts, also known as the Cooling Off Rule, permits consumers to cancel contracts within three business days of signing. This rule is designed to protect consumers from high-pressure sales tactics and applies to contracts made outside the seller's usual place of business, such as at seminars or presentations.

What is the 3 day rule for cancelling a contract?

The 3-day rule for cancelling a contract allows consumers to cancel specific contracts within three business days after signing. This rule is part of the Federal Trade Commission's Cooling Off Rule and applies to contracts over $25 made outside of the seller's usual place of business. It's crucial to act within this timeframe to ensure a valid cancellation.

How long after signing a contract can you change your mind?

You can typically change your mind and cancel a contract within three business days of signing, according to the Federal Trade Commission's Cooling Off Rule. However, this rule only applies to certain contracts made outside the seller's usual business location. After this period, your ability to cancel may depend on the specific terms of the contract.

What is the 72 hour contract rule?

The 72-hour contract rule refers to the right to cancel certain contracts within 72 hours of signing, as outlined by the Federal Trade Commission's Cooling Off Rule. This rule is designed to protect consumers from impulsive decisions made under pressure and applies to contracts over $25 made outside the seller's regular business premises.