According to the Colorado Attorney General's office, consumers are not generally granted a right to cancel a contract unless that right is spelled out in the contract itself. The state does provide some exceptions to this rule, particularly with regard to consumer transactions and purchases.
The Consumer Protection Act provides consumers with a right to rescind a transaction of donation within one day. Consumers also have a day to rescind a membership at a buyer's club and request their money back.
A number of consumer transactions can be cancelled in writing within three days of the initial transaction. That includes door-to-door sales transactions with values of $25 or greater, health club contracts, support pledges to nonprofits and commercial telephone sales. In Colorado, consumers can also choose to rescind a mortgage loan up to the third day following closing.
The Consumer Protection Act says consumers have a right to cancel a contract to purchase credit repair services; the intent to cancel must be submitted in writing within five days of the initial transaction. The same is true for a time share contract.
Finally, consumers can rescind a hearing aid purchase and ask for a refund within 30 days, according to the Consumer Protection Act. Some expenses associated with the hearing aid may not be refundable under the law.
In most cases, the times provided by the law refer to business days, but each law may vary slightly. Whether you are a business or a consumer who wants to protect his or her rights, the legal language of each law can be daunting. Seeking legal assistance with claims or consumer demands can help you resolve matters within the boundaries of the law.
Source: Colorado Department of Law, "Common Legal Questions," accessed July 08, 2015