Many people believe in the so-called "three-day buyer remorse law" or "three-day buyer remorse rule" applies to their purchases of vehicles and property, when in fact no such law exists on the state or federal level. There is no legally-mandated three-day period in which the buyer may cancel these sorts of purchasing contracts. In some real estate transactions, the buyer may be able to cancel the
. contract if he or she does not qualify for financing following a good-faith effort, or if he or she disapproves of some aspect of the property during a time period specified in the contract. The buyer must provide the seller with written notice of these reasonably disapproved aspects and cancel the contract. The buyer may also cancel the contract if the buyer has given the seller an opportunity to correct the disapproved aspects, and the seller cannot or will not make the corrections. If the only reason that the buyer seeks to cancel the contract is for buyer's remorse, then the buyer finds himself or herself in breach of contract. The seller is entitled to request mediation, file a lawsuit against the buyer for monetary damages, and can even ask the court to order the buyer to purchase the property anyway. Some merchandise may be covered for repair or return in the products' warranties, or in the manufacturers' or sellers' policies for return. Federal law and state laws may allow the buyer to sue based on false labeling and misleading advertising. In these cases, it is up to the buyer to prove that the seller engaged in unfair, deceptive, untrue or misleading advertising, and that the buyer has suffered injury and lost money or property. The buyer must further demonstrate that he or she was actually misled by the advertising itself, and that he or she has suffered an injury as a result. http://www.aaronline.com/documents/buy_remorse.aspx or http://www.safecarguide.com/gui/prb/problems.htm
