Minnesota State Law Library
Briefly...News From Your State Law Library - December 2007
Cooling Off Periods for Contracts
With the busiest shopping season of the year upon us, we thought we'd highlight a common legal myth. Many buyers believe they are protected by a three day “cooling off” period during which they may cancel a contract. However, there is no universal mandate in Minnesota allowing for rescission of a contract. Unless a cooling off period is written into your contract, you are probably out of luck.
While there are various Minnesota statutes that do allow a contract to be rescinded within a certain time period, they apply only to very specific situations. Among these are debt management services agreements (Minn. Stat. 332A.11), agricultural production contracts (Minn. Stat. 17.941), home solicitation sales (Minn. Stat. 325G.07 ), invention development services (Minn. Stat. 325A.03 ), membership travel contracts (Minn. Stat. 325G.50 ), and club (health club, social referral club or buying club) contracts (Minn. Stat. 325G.24). Time periods vary by statute, so check the applicable laws to ensure you are still within the cancellation period. Notably, contracts for the sale of vehicles are not included.
As you do your holiday shopping this year, be careful if your purchase involves signing a contract. For additional tips on holiday shopping, see the Minnesota Attorney General’s holiday shopping tips at http://www.ag.state.mn.us/Consumer/YLR/HolidayShopping.asp
Happy Holidays from the Minnesota State Law Library!
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Minnesota State Law Library: Briefly...News From Your State Law Library - December 2007
Phone: (651) 296-2775; Fax: (651) 296-6740
Last Updated: February 12, 2008