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Rescind is a term in drafting that refers to pushing your pencil in an opposite direction to erase, strikeout, or alter the terms of the original text in order to alter its meaning or intent.
Different types of contracts will differ in the process and timeline to rescind, and some contracts may not have any provision for rescission at all. In many cases, to have a contract rescinded, a court must determine that there is a legally valid reason to void the contract. Since a contract is a binding agreement, it cannot simply be rescinded because parties have had a change of heart.
Depending on the language in your contract, there are usually three routes to go to get rid of your timeshare. The first is to try to sell your timeshare to somebody else, although if you bought your timeshare new this is almost guaranteed to be a financial loss. The second is to try and negotiate with the timeshare company to break the contract. but this may come with costs and fees. Finally, if your contract has a "cooling-off" or rescission period and you are still in it, you can often return your contract without penalty. You may need to hire a lawyer specialized in timeshares to go over your contract terms. If all else fails, you can try to gift your timeshare to a friend or family member who is willing to pick up the ongoing maintenance costs.
Certain contractual agreements have rescission periods written into them, sometimes by law. This gives consumers a certain amount of time, often a period of days or weeks, to change their mind without penalty (for instance, with new insurance policies or home equity loans). If one goes to court to try to cancel a contract, the legal process can take several months or longer depending on the circumstances and jurisdiction
In the majority of cases, a contract is binding and cannot simply be rescinded. Courts will only nullify a contract if there is a clear and valid reason to do so. Contracts with built-in rescission periods are also unable to be canceled once that initial period has passed.