James purchases a timeshare unit at a Grand Strand resort in South Carolina. He signs the purchase contract on Monday and receives the required public offering statement on Wednesday. James changes his mind and wants to cancel the purchase. Under the South Carolina Vacation Time Sharing Plans Act, what is the LAST day James can exercise his right of rescission?
Correct Answer
A) The following Monday, five calendar days after receiving the public offering statement
Under South Carolina Code § 27-32-40, a timeshare purchaser may cancel within five days after the later of the contract signing date or the date the purchaser receives the required disclosure statement, with Sunday not counted if it is the fifth day. James signed on Monday but received the public offering statement on Wednesday, so Wednesday is the later trigger date. Five days after Wednesday runs through the following Monday. Therefore, the last day to rescind is the following Monday.
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Key Terms:
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