Rescission: A grace period allowed by law and/or company policy during which time a timeshare buyer has the right to cancel a purchase agreement without penalties. Though rescission periods vary from state to state, the buyer is entitled to receive a refund of his or her full deposit. Rescission is also known as a 'cooling-off-period'.

 

Related Words

Rescission: A grace period allowed by law and/or company policy during which time a timeshare buyer has the right to cancel a purchase agreement without penalties. Though rescission periods vary from st . . . View Full Definition

Right Of Rescission: Literally means 'to take back' or 'cancel.' If a borrower rescinds a mortgage loan, it is as if the mortgage loan never existed. Some borrowers have by law a right to 'rescind' certain mortg . . . View Full Definition

Breach Of Contract: Violation of any of the terms or conditions of a contract without legal excuse, default, nonperformance. The nonbreaching party can usually seek one of three alternative remedies upon a mate . . . View Full Definition

Cooling-Off Period: Also know as rescission, this term refers to the time period following the purchase of a timeshare property during which a buyer may cancel the agreement without incurring penalties. In the . . . View Full Definition