On Tuesday, Kevin signs a timeshare purchase agreement at a resort in Nashville and pays a $2,000 deposit. On Friday — four days later — Kevin sends a written notice of rescission to the resort by certified mail. The resort manager insists that Kevin's rescission is too late because the five-day period 'has already passed.' Which of the following is the most accurate statement?
Correct Answer
A) Kevin's rescission is timely because four calendar days have elapsed, which is within the five-day statutory window, and written notice sent within that period is sufficient
Under the Tennessee Timeshare Act, Tenn. Code Ann. § 66-32-114, the purchaser has five calendar days from the date of signing to rescind the contract. Kevin signed on Tuesday; five calendar days later is Sunday. Friday (four days after Tuesday) falls within the five-day window. Written notice of rescission sent within the statutory period is sufficient — the resort cannot require that notice be received rather than sent within the period. Kevin's rescission is timely and the resort must refund his deposit.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Antitrust violations in real estate occur when competing brokerages or agents engage in practices that restrain trade, reduce competition, or harm consumers through collusion. These violations are governed by the Sherman Antitrust Act and can result in severe penalties.
Broker supervision is the legal obligation of a designated or managing broker to oversee and be accountable for the real estate activities of all salespersons and associate brokers operating under their license.
Commingling is the illegal act of mixing client funds with a broker's personal or business operating funds, while conversion is the unauthorized use of client funds for the broker's own benefit. Both are serious violations that can result in license revocation.
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