What You Need to Know About ‘Cooling-Off Periods’ and Contract Law in Florida
Signing a contract is a big deal. After you sign an agreement in Florida, you should generally assume that the contract will be enforced. Despite common misconceptions, there is no automatic ‘cooling-off’ period in our state. Parties do not necessarily have the right to cancel an agreement just because they acted quickly.
That being said, there are some specific circumstances in which state statutes do mandate a ‘cooling-off’ period for consumers. in this article, our experienced West Palm Beach commercial litigation lawyers highlight the most important things that you need to know about a ‘cooling-off period’ and the contract laws in Florida.
There is No General Right to a ‘Cooling-Off Period’
First and foremost, it is crucial to reaffirm the main lesson in Florida law: Business owners and consumers are not automatically granted a ‘cooling-off’ period after they sign a contract. Florida law simply does not allow offer a statutory right to cancel an agreement for a certain number of hours. This can only be done if your contract falls into a limited number of specific exceptions.
As Florida law will generally uphold contracts once they are agreed upon by the parties, it is imperative that parties refrain from signing a final agreement until they are absolutely sure that they have made the correct choice.
Beyond that, important commercial contracts should always be drafted and reviewed by an experienced attorney. In some cases, it may even be advisable to put certain protective provisions within the agreement. For example, you may want the ability to rescind the contract. As described by the Cornell Legal Information Institute, contract rescission is the cancellation of the agreement. Some commercial agreements contain procedures for rescission or for early termination.
Exceptions Under Florida Law
While Florida does not grant a general ‘cooling-off’ period, there are some exceptions under specific state laws. These exceptions are designed primarily to protect consumers. For example, in Florida, consumers can cancel an agreement for future services that are set to be provided on a continued basis within 72 hours. In addition to that exception, all home solicitation sellers must give consumers 72 hours to cancel the agreement.
Notably, if you do fall within a ‘cooling-off’ period and you want to cancel the contract, it is essential that you know the proper way to do so. These agreements should always be cancelled in writing. Unfortunately, if you provide notice of cancellation verbally, it could be difficult to prove that you actually cancelled the deal in time. It is always advisable to create a paper trail.
Get Help From Our West Palm Beach, FL Commercial Litigation Attorneys Today
At Pike & Lustig, LLP, we are committed to providing exceptional legal services to companies in contract law disputes. To set up a confidential consultation with an experienced Florida contract litigation attorney, please contact us today. With offices in West Palm Beach, Miami, and Palm Beach Gardens, our legal team is well-positioned to serve businesses throughout the entire region.