Question

A couple visited a time-share property and received a gift of a portable color television for signing a purchase agreement for a time-share interest that day. Four days later, the couple decided not to go through with the transaction. Under what circumstances may they void the contract

Answer 1

Answer:

the couple may cancel the purchase agreement until midnight of the fifth day following the purchase, and they may keep the portable color television.

Explanation:

Time shared purchases are transactions that gives fractional ownership to a property. For example if a person purchases a month of time sharing on a property, they have the one twelfth ownership of the property.

The period of ownership is estimated non a yearly basis.

Time sharing can be deeded or non deeded depending on if the person purchased an interest in the property or if they are purchasing the right to occupy.

A purchaser is allowed to cancel the transaction by midnight not the fifth day after the contract is initiated.

Also any gifts like the colour television will remains as their property