Walk It Through: The Salesman At The Door
5 p.m. of the third business day for an installment sale, I hereby rescind, and threefold damages.
A salesperson comes to the house and sells an expensive water filter system on an installment contract, and the buyer signs at the kitchen table.
Two things a person in this spot might do. Picking one shows what the law says about it.
One sale at a kitchen table. Motor vehicles, catalog sales, demonstrations the buyer asked for, and real estate fraud are not worked through here.
A practice walkthrough, not a prediction of how any real one will go. Legal information, not legal advice.
Words this turns on
Terms with a legal meaning that is narrower than the everyday one. Each links to the definition and the authority behind it.
- Ascertainable lossA loss of money or property from an unlawful practice, which lets a person sue under the consumer fraud law for threefold the damages, plus reasonable attorneys' fees, filing fees and costs of suit.
- Notice of intent to rescindThe buyer's notice, by certified mail, return receipt requested, postmarked not later than 5 p.m. of the third business day after signing, that undoes a sale over $25 made somewhere other than the seller's place of business.