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In this tutorial, Kevin O'Flaherty from O'Flaherty Law explains the concept of rescission, which refers to the process of backing out of a contract. Generally, once both parties sign a legally valid contract, neither has the right to cancel it without consequences, such as being sued for breach of contract. However, there are exceptions. One notable exception is the Federal Trade Commission's (FTC) three-day cooling-off period, applicable to specific contracts signed under high-pressure sales, typically in a person's home or workplace. This grace period allows individuals to rescind these types of contracts within three days.