Many people believe that if they sign a contract or buy something from a store, they have three days to change their minds and get out of that contract or return that item. Unfortunately, that’s not quite true, and relying on this common myth can get you into trouble.

In Ohio, there is no overall right to rescind or cancel a service or purchased good. Cancellation rights are given to consumers only for certain types of contracts. Three day cancellation periods are granted to consumers in:

1) Prepaid entertainment contracts

2) Door-to-door sales

3) Home equity loans and mortgage refinancing plans

4) Credit/debt counseling services

Longer cancellation periods are given for hearing aid sales (30 days), telemarketing sales (7 days), and business opportunity ventures (5 days).

It’s important to think carefully before signing a contract or spending thousands of dollars on an item. Depending on the type of contract or item, you may not be able to change your mind later.

By: Alexandra E. Winters, Attorney at Law

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