Maria signs a timeshare purchase contract at a resort in Myrtle Beach on a Monday and receives the required public offering statement at the same time. She later changes her mind and wants to cancel the agreement. Under South Carolina law, what is the latest day by which Maria can effectively rescind the contract?
Correct Answer
D) The following Saturday
Under S.C. Code Ann. § 27-32-170, Maria has five calendar days from the date she signed the contract (Monday) and received the public offering statement. Counting five calendar days from Monday: Tuesday (day 1), Wednesday (day 2), Thursday (day 3), Friday (day 4), Saturday (day 5). Therefore, Saturday is the last day she can rescind.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Continuing education (CE) refers to the ongoing coursework that licensed real estate professionals must complete during each renewal cycle to maintain an active license. CE ensures agents stay current with changes in laws, regulations, and industry practices.
The National Do Not Call Registry is a federal program administered by the FTC that allows consumers to opt out of receiving unsolicited telemarketing calls, including calls from real estate agents soliciting business.
Brokers in Florida have strict responsibilities for managing escrow accounts, including monthly reconciliation and proper handling of trust funds.
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