Sarah purchases a timeshare interest at a resort in Branson, Missouri. The sales agent hands her the required disclosure documents at the conclusion of the sales presentation on a Monday. Under the Missouri Timeshare Act (RSMo §§ 407.600–407.650), what is the last day Sarah can exercise her right of rescission?
Correct Answer
D) Saturday of the same week
The Missouri Timeshare Act (RSMo §§ 407.600–407.650) grants a purchaser a five-day right of rescission after receiving the required disclosure documents. If Sarah received the documents on Monday, she has five days to rescind: Tuesday (Day 1), Wednesday (Day 2), Thursday (Day 3), Friday (Day 4), and Saturday (Day 5). Saturday is therefore the last day she can exercise her right of rescission.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A life estate is a freehold estate that grants ownership rights for the duration of someone's life.
Real property is immovable land and anything permanently attached to it, while personal property (also called chattels) is movable.
Tenancy by the entirety is a form of co-ownership available only to married couples that includes the right of survivorship and protection from individual creditors. Neither spouse can unilaterally sell or encumber the property.
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