Kevin is purchasing a condominium unit from a developer in Grand Rapids, Michigan. The developer provides Kevin with the complete Condominium Disclosure Package on a Monday. Kevin reviews the documents and decides he wants to cancel the purchase agreement. By what day must Kevin submit his notice of rescission to preserve his right to cancel under the Michigan Condominium Act?
Correct Answer
D) The Wednesday of the second following week, because the buyer has 9 business days to rescind
Under the Michigan Condominium Act (MCL 559.183), a buyer of a new condominium unit from a developer has 9 business days to rescind the purchase agreement after receiving the complete Condominium Disclosure Package. Business days exclude weekends and legal holidays. If the package was received on a Monday, counting 9 business days forward (Monday through Friday of week 1 = 5 days, Monday through Wednesday of week 2 = 3 more days, Thursday of week 2 = day 9) places the deadline on the Thursday of the second following week. The Wednesday of the second following week (day 8) would still be within the period, making the last day to rescind the Thursday. However, among the options, C correctly identifies '9 business days' as the applicable standard, distinguishing it from calendar days and the 72-hour period.
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