If I was misled into buying a vacation package and did not have full disclosure, can I cancel and get a refund of my down payment?
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If I was misled into buying a vacation package and did not have full disclosure, can I cancel and get a refund of my down payment?
The vacation agency fed me lies and half truths about the deals and types of places I’d be staying at. Right Of Rescission allows for 72 hours but does it apply to loans not for a home?
Asked on August 3, 2011 New Jersey
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
There is no general right of rescission, three-day or otherwise, except where provided specifically for in law. As you note, there is a three-day right of rescission for mortgage loans for buying a residence, but not for loans (or other agreements concerned with) buying vacation packages.
You may be able to rescind the purchase based on fraud, and should discuss this with an attorney. Fraud is the knowing or intentional misrepresentation of material facts, intended to get the other party to agree to something which he or she would otherwise not have agreed to, and which it was reasonable for the other party to rely upon. Basically, deliberately spinning plausible lies to get you to sign up. If there was fraud in the formation of the contract, that can provide grounds to rescind the contract.
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