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Remember these points

Posted by TomR on November 17th, 1999 12:02 AM
In reply to Scams by Mike from Homeworks on November 16th, 1999 07:22 PM [Go to top of thread]

Itís always better to read and fully understand your contract before you sign, but just in case you already signed, and something about the contract becomes suspect:

A contract is not complete until both parties have signed and dated the contract, and subsequently, each party has, in their possession, a signed copy of the contract, signed by both parties.

A contract is not legally binding until 3 full business days after the point when the contract was completed (see above). This means that the deal can be called off for any reason, within 3 business days of the completed contract, by one party, or their agent, serving written notice to the other party or agent. This is known as the 3-day right of rescission rule. The trick here is to have confirmation of the receipt of your notice, within those 3 days, by registered letter or the like.

When disputes arise over exactly when a contract became binding, the latest date with the signature will usually prevail.

And last, for any contract that you wish to be part of, remember this: If you donít have it in writing, you donít have it.

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Topic History:

  • Scam Warning by Henry in MI  11/16/99 08:51 AM
  • Scams by Mike from Homeworks  11/16/99 07:22 PM

Topic Follow-ups:

  • Scam by Henry in MI  11/17/99 07:33 AM
  • More Curious ... by Jay J  11/17/99 07:45 AM
  • Scam by Henry in MI  11/17/99 02:57 PM

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