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the following BL TV program is brought to you by O'Flaherty law please enjoy welcome to learn about law my name is Kevin o Flaherty from O'Flaherty law and today we're going to answer the question how much time do you have to back out of a contract so this is called rescission and the term is rescinding the contract the general rule is that once a contract is signed by both parties if it's a legally valid contract neither party has any particular right to cancel the contract if they don't perform under the contract they can be sued for breach of contract now there are exceptions to this general rule and that's what we're gonna discuss now the FTC has a three-day cooling-off period for certain types of contracts and this is what most people are thinking of when they think of a grace period to get out of a contract and these are for generally four contracts that are signed under high-pressure sales situations and we're looking at contracts that are signed in the person's home or workpla...