A rescission letter is a letter that is used to cancel or reverse a contract or agreement. This letter is typically used when one party has entered into a contract or agreement with another party, but has since changed their mind and wants to void the contract. In some cases, the other party may have breached their rights under the contract and may not be willing to cancel the agreement. In such cases, it may be necessary to seek legal advice to determine the best course of action.
A rescission period, also known as a cooling-off period, is a time during which a person who has entered into a contract has the right to cancel it without penalty. The length of a rescission period can vary depending on the type of contract and the laws of the state where the contract was signed. In the case of a timeshare, the rescission period is typically between three and seven days.
With timeshare cancellation, the rescission clause provided in the fine print of a timeshare agreement typically lasts 5-15 days.